Pinterest stock is on the rise following the social media platform’s impressive revenue performance in its latest quarter.
In the third quarter, Pinterest reported adjusted earnings per share of 28 cents, surpassing the Wall Street consensus projection of 21 cents. The company’s revenue reached $763 million, exceeding analysts’ expectations of $744 million. Notably, Pinterest experienced an 8% year-over-year increase in global monthly active users (MAUs), reaching a total of 482 million.
The positive financial results had an immediate impact on Pinterest’s stock. In after-hours trading, the stock surged by 12%.
Pinterest’s outlook for the upcoming quarter also looks promising. The company anticipates year-over-year growth ranging from 11% to 13% for the December quarter. This forecast would translate to revenue of approximately $982 million at the midpoint, slightly surpassing the consensus estimate of $978 million.
Bill Ready, Pinterest’s CEO, expressed enthusiasm about the company’s performance and direction, particularly as it leverages its unique differentiators as a visual search, discovery, and shopping platform. He stated in a press release, “We’re finding our best product market fit in years.”