After-Hours Alert: Why Pinterest Stock Is Soaring

Pinterest Inc PINS shares are trading higher in Thursday's after-hours session after the company reported better-than-expected financial results.

Pinterest said third-quarter revenue increased 8% year-over-year to $685 million, which beat average analyst estimates of $665.47 million, according to Benzinga Pro. The company reported quarterly earnings of 11 cents per share, which beat average estimates of 6 cents per share. 

Global monthly active users were flat year-over-year at 445 million. 

"Despite the challenging macro environment, we are delivering performance and a distinct value proposition to advertisers, reaching users across the full funnel," said Bill Ready, CEO of Pinterest.

Pinterest expects fourth-quarter revenue to grow mid-single digits on a year-over-year percentage basis, which takes into account slightly greater foreign exchange headwinds than in the third quarter. The company expects fourth-quarter operating expenses to grow low double digits quarter-over-quarter.

Pinterest is an online product and idea discovery platform that helps users gather ideas.

PINS Price Action: Pinterest has a 52-week high of $36.95 and a 52-week low of $16.14.

The stock was up 17.6% in after-hours at $25.74 at the time of publication. 

Photo: Souvik Banerjee from Pixabay.