Pinterest Stock Soars as Revenue, Users Top Estimates

Pinterest (PINS) shares are jumping 13% in premarket trading Friday, a day after the social media service reported first-quarter revenue and global monthly active user figures that topped estimates.

The company posted earnings per share (EPS) of $0.01 on revenue that increased 17% year-over-year on a constant currency basis to $855.0 million. Analysts polled by Visible Alpha projected a loss of a penny per share on revenue of $846.9 million. Adjusted EPS of $0.23 missed estimates.

The San Francisco-based firm’s monthly active users increased 10% to a record 570 million, beating estimates of 563.4 million.

Q2 Revenue Projection Tops Estimates

Pinterest, which has rolled out artificial intelligence (AI) tools for advertisers, said it expects second-quarter revenue between $960 million and $980 million, which would represent 12% to 15% growth. The midpoint of the range exceeded Visible Alpha consensus of $964.2 million.

“The fundamentals in the business are strong and we’re continuing to see healthy growth,” Pinterest CEO Bill Ready said. “Our AI advancements are helping users take action and make more intentional shopping decisions.”

Pinterest shares entered Friday down 4% year-to-date.