Shares of Pinterest Inc.
are up 25% in premarket trading Friday after the photo platform easily topped expectations and gave an upbeat forecast for the third quarter. The company posted a net loss of $100.7 million, or 17 cents a share, compared with a loss of $1.16 billion, or $2.62 a share, in the year-earlier quarter. On an adjusted basis, Pinterest lost 7 cents a share, compared with 6 cents a share in the year-prior period. The FactSet consensus was for a 14-cent per share adjusted loss. Revenue rose to $272.49 million from $261.25 million, while analysts surveyed by FactSet had been expecting $250 million. The company said that it expects revenue for July to be up around 50% through July 29, relative to a year earlier, and that overall third-quarter revenue could be up in the mid-30% range. “We are encouraged by the performance of our business in July, but a tremendous amount of uncertainty remains given the ongoing COVID-19 pandemic and other factors,” Pinterest said in its release. The company saw monthly active users in the June quarter climb to 416 million from 367 million in the March quarter. That number far exceeded the FactSet consensus, which was looking for 379 million monthly active users for the June period. The company had 96 million monthly active users in the U.S. and 321 million internationally. Global average revenue per user fell to 70 cents from 88 cents for the quarter, but came in ahead of estimates for 67 cents. Pinterest shares have gained 22% over the past three months as the S&P 500
has risen 11%.
Amazon.com Inc. Chief Executive Jeff Bezos promised to spend all the additional profits his company made from a huge boost in sales related to the COVID-19 pandemic, but he didn’t expect sales to grow as fast as they did.
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World news – CA – Pinterest stock surges 25% after upbeat forecast, huge beat on user growth