Pinterest shares soared by 25%, hitting user growth heavily after forecast


Pinterest Inc. Share pins,
+ 0.96%
Pre-platform trading easily topped 25% expectations on the photo platform on Friday and gave an upbeat forecast for the third quarter. In the year-ago quarter, the company posted a net loss of $ 100.7 million, or 17 cents per share, with a loss of $ 1.16 billion, or $ 2.62 per share. On an adjusted basis, Pinterest lost a share of 7 cents, compared to 6-cents in the year-ago period. The FactSet consensus was for a 14 percent adjusted loss per share. Revenue ranged from $ 261.25 million to $ 272.49 million, while analysts polled by FactSet expected 250 million. The company said it expects revenue for July to be around 50% during July 29, compared to a year earlier, and overall third-quarter revenue could be in the mid-30% range. “We are encouraged by the performance of our business in July, but there remains uncertainty in view of the ongoing COVID-19 epidemic and other factors,” Pinterest said in its release. The company increased monthly active users from 367 million in the March quarter to 416 million in the June quarter. The number was higher than FactSet’s consensus, looking for 379 million monthly active users for the June period. The company had 96 million monthly active users in the US and 321 million internationally. Global average revenue per quarter fell from 88 cents to 70 cents, but came ahead of estimates for 67 cents. Pinterest shares have increased 22% in the last three months as the S&P 500 SPX,
-0.37%
11% increase.

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