Pinterest Inc PINS shares are trading higher by some 2.33% to $27.23 Thursday morning. Shares of several social media companies are trading higher in sympathy with Meta Platforms Inc META, which reported strong quarterly results and an increase in active users.
What Happened?
Meta Platforms reported quarterly earnings of $2.20 per share which beat the analyst consensus estimate of $2.03.
The company reported quarterly sales of $28.64 billion which beat the analyst consensus estimate of $27.62 billion by 3.71 percent. This sales figure represents a 2.6% increase over sales of $27.91 billion in the same period last year.
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Among the user metrics, Meta's daily active users rose 4% to 2.04 billion.
The inflection in ad revenue was achieved on the back of investments in AI and products, KeyBanc Capital Markets analyst Justin Patterson said in a note...Read More
According to data from Benzinga Pro, PINS has a 52-week high of $240.01 and a 52-week low of $88.09.
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