Why Pinterest Shares Are Popping Off

Pinterest Inc PINS shares are trading sharply higher by 18.36% at $29.01 in Thursday's after-hours session after the company reported better than expected quarterly EPS and sales results.

Pinterest reported quarterly earnings of 49 cents per share which beat the analyst consensus estimate of 45 cents per share. The company reported quarterly sales of $847.00 million which beat the analyst consensus estimate of $827.16 million by 2.4%.

"We took important steps in 2021 with the launch of our foundational technology to deliver a video-first publishing platform. And, I'm proud to say that for the first time, we surpassed $2 billion in revenue for the year — growing 52% over the previous year — and reached our first full year of GAAP profitability," said Ben Silbermann, CEO and co-founder, Pinterest.

"As we look ahead to 2022, we plan to further invest in our business as we scale the distribution of Idea Pins through our creator-led content efforts and enhance our core Pinner experience and shopping to make Pinterest the destination for inspiration and action on the internet," Silbermann stated.

Pinterest has a 52-week high of $89.90 and a 52-week low of $24.01.