Global News – CA – Pinterest shares record gain after beating third quarter earnings and strong revenue projections

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Pinterest Inc (PINS) – Shares of Get Report hit an all-time high on Thursday after the image-sharing social media platform smashed third-quarter profit estimates and forecast a further increase in advertising revenue as the final months of the year approach

Pinterest said its quarterly revenue for the three months ending in September was up 58% from a year ago to $ 443 million, well ahead of Consensus Street forecast of $ 383$ 25 million Adjusted earnings were also firmer, rising to 13 cents per share and beating Street’s estimate by more than 10 cents

According to Pinterest, monthly active users on the platform grew 37% to 442 million, with about 98 million coming from the United States.The average revenue per user was tabulated at $ 1.03, Pinterest said, exceeding the FactSet estimate of 90 cents

Younger users were also drawn to the Pinterest platform thanks to Apple’s upgrade (AAPL) – Get Report iPhones, said company, which used Pinterest for custom background filters This momentum could help the group see revenue growth of 60% in the current quarter, according to the company’s forecasts,

« More than ever, people are coming to Pinterest for inspiration with their lives – from early planning for a socially distant Halloween to creating awesome home schools for their kids, » said the co-founder and CEO Ben Silbermann “Our top priority is to continue to make Pinterest the most inspiring and actionable content This quarter, we launched a set of tools to empower creators to show off and share their ideas with people who are ready to take action. « 

Pinterest shares were marked 315% higher in pre-market trading Thursday to indicate an opening price of the bell of $ 6486 each, a record high that extends the stock’s six-month gain to around 215% and values ​​the San Francisco, Calif. based group at over $ 40 billion

« Pinterest’s status as an inspiring social platform continues to resonate with users and advertisers, as evidenced by user dynamics and a material acceleration in revenue (followed by roughly 60% growth in YoY for 2.20E), « said KeyBanc Capital Markets analyst Justin Patterson, who raised his price target to $ 76 while maintaining his stock` `overweight  » rating

« We believe monetization is early days and expect further investment in AdTech content and tools to support> 30% annual revenue growth through 2022E, » he added

Pinterest, Stock, Profits

World News – CA – Pinterest shares record after third quarter success, strong revenue projections

Source: https://www.thestreet.com/investing/pinterest-shares-surge-to-record-high-after-q3-earnings-beat

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