Here's Why Pinterest Is Moving

Pinterest Inc PINS shares are trading higher by 4.91% to $28.01 Thursday morning in sympathy with Meta Platforms Inc., which reported strong fourth-quarter results. Meta Platforms on Wednesday reported better-than-expected fourth-quarter revenues, cut its FY23 expense outlook and announced a $40 billion increase in its buyback authorization. DAUs increased 4% year over year.

What Happened?

Meta Platforms reported fourth-quarter revenue of $32.17 billion, down 4% year-over-year. The revenue figure came in ahead of a Street estimate of $31.53 billion, according to data from Benzinga Pro.

Meta Platforms reported fourth-quarter earnings per share of $1.76, missing a Street estimate of $2.22. The company said earnings per share would have been $1.24 higher without restructuring charges in the fourth quarter.

The company ended the fourth quarter with 2.96 billion daily active...Read More

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Pinterest Inc has a 52-week high of $30.27 and a 52-week low of $16.14.