Business

Pinterest shares rise 10% in sales, earnings outperform


Pinterest Inc. proved an exception to the digital advertising slogans that have rocked much of the tech sector.

Social media company on Thursday report Sales and profits, as well as monthly active users, beat financial analysts’ estimates, helping the stock trade after hours.

Pinterest
PINS,
-0.68%

reported a third-quarter loss of $65.2 million, or 10 cents a share, on revenue of $684.6 million, up 8% from $632.9 million in the previous quarter. . After adjusting for stock compensation and other factors, the social media company reported earnings of 11 cents a share.

“Despite the challenging macro environment, we are delivering differentiated performance and value propositions for advertisers, reaching users across the entire funnel,” said new Pinterest CEO Bill Ready said in a statement.

In one conference call With financial analysts, Pinterest’s executive team emphasizes stability among clients, particularly in retail and consumer packaged goods (CPG) marketing.

Pinterest also said fourth-quarter revenue will “grow at an average rate on a percentage-year-over-year basis.”

Analysts expect Pinterest to, on average, report adjusted earnings of 6 cents a share on sales of $667 million, according to FactSet. Shares were up 10% in after-hours trading on Thursday, after closing down 0.7% at $21.89.

Constant monthly active users, at 445 million; Wall Street analysts are predicting an average of 437.4 million.

The financial results were a surprising counterpoint to falling profits and falling revenue earlier this week and last week that baffled the likes of Facebook’s parent company, Meta Platforms Inc.
META,
-24.56%
,
Of Alphabet Inc.
GOOGL,
-2.85%

GOOG,
-2.34%

Google and Snap Inc.
SNAP,
-0.21%

when the economy is bad.

As of now, shares of Pinterest are down 40% this year, while the S&P 500
SPX,
-0.61%

has decreased by 20% by 2022.

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