Pinterest Stock Is Moving Higher Tuesday: What's Going On?

Pinterest Inc PINS shares are trading higher Tuesday after the company reported strong third-quarter earnings. Here's a look at the key metrics from the quarter.

• Q3 Revenue: $763 million versus estimates of $743.5 million
• Q3 EPS: 28 cents versus estimates of 20 cents

Revenues were up 11% year-over-year. Total cost and expenses came in at $768 million. 

Pinterest said global monthly active users increased 8% year-over-year to 482 million. 

"We are driving strong revenue performance, robust global MAU growth, and substantial margin expansion. As we lean into Pinterest's unique differentiators as a visual search, discovery, and shopping platform, we're finding our best product market fit in years," said Bill Ready, CEO of Pinterest.

Outlook: Pinterest expects fourth-quarter revenue growth of 11% to 13% on a year-over-year basis. The company also said it expects fourth-quarter operating expenses to decline between 9% and 13%. 

Following the company's quarterly results, Keybanc analyst Justin Patterson maintained Pinterest with an Overweight rating and raised the price target from $35 to $37. Rosenblatt analyst Barton Crockett maintained a Buy rating and raised the price target from $38 to $45. BofA Securities analyst Justin Post upgraded Pinterest from Neutral to Buy and set a price target of $37.

See Also: Why Computer Networking Company Arista's Shares Are Surging Today

PINS Price Action: Pinterest shares were up 16.1% at $29.14 at the time of publication, according to Benzinga Pro.

Photo: Souvik Banerjee from Pixabay.