Pinterest Inc PINS shares are trading higher in Monday's after-hours session after the company reported second-quarter results that were better than feared.
Pinterest said second-quarter revenue jumped 9% year-over-year to $666 million, which missed the estimate of $673.66 million, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of 11 cents per share, which missed the estimate of 18 cents per share.
Pinterest said global monthly active users decreased 5% year-over-year to $433 million.
"Pinterest achieved 9% revenue growth year over year in Q2, or 10% revenue growth on a constant currency basis, despite the uncertainty facing our advertisers," said Bill Ready, CEO of Pinterest.
Pinterest said it expects third-quarter revenue to grow mid-single digits year-over-year. Third-quarter operating expenses are expected to increase in the low double digits quarter-over-quarter.
Pinterest maintained its previous outlook for operating expense growth in the range of 35% to 40% year-over-year.
Elliott Investment Management released a statement following Pinterest's earnings report.
"Pinterest is a highly strategic business with significant potential for growth, and our conviction in the value-creation opportunity at Pinterest today has led us to become the Company's largest investor," the firm said.
PINS Price Action: Pinterest has traded between $36.95 and $16.14 over a 52-week period.
The stock was up 20.2% in after-hours at $23.97 at press time.
Photo: Souvik Banerjee from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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