Shares of Pinterest popped in extended trading Tuesday after the company reported first-quarter results.
Shares of Pinterest popped in extended trading Tuesday after the company reported first-quarter results that beat analysts' estimates.Digital advertising companies like Pinterest have started growing again after a brutal 2022, when brands reined in spending to cope with high levels of inflation.Revenue for the quarter jumped 23% from $602.6 million a year earlier. Pinterest's net loss for the first quarter narrowed to $24.8 million, or a 4 cent loss per share, from $208.
Pinterest reported 518 global monthly active users for the first quarter, up 12% year over year. Wall Street was expecting MAUs 504.9 million, according to StreetAccount. Pinterest said Generation Z is its fastest-growing, largest and most engaged demographic on the platform.In its first-quarter release, Pinterest CEO Bill Ready said the company is driving greater returns for advertisers because of its investments in AI and shoppability.
"We're executing with tremendous clarity and focus, shipping new products and experiences that users want, and in doing so, we're finding our best product market fit in years," Ready said.For its second quarter, Pinterest expects to report revenue between $835 million and $850 million, which equates to growth of 18% to 20% year over year. Analysts were expecting revenue of $827 million.
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