Pinterest's AI Investments Are Paying Off: Shares Surge On Q1 Earnings Beat
Portfolio Pulse from Adam Eckert
Pinterest Inc (NYSE:PINS) reported a significant Q1 earnings beat with a 23% year-over-year revenue increase to $740 million, surpassing estimates of $699.872 million. The company also saw a 12% increase in global monthly active users to 518 million and a 10% increase in average revenue per user to $1.46. CEO Bill Ready attributed this growth to investments in AI and shoppability, enhancing advertiser returns and product market fit. Pinterest expects Q2 revenue between $835 million to $850 million, above estimates of $826.48 million. Shares surged 18.57% after hours to $39.80.
April 30, 2024 | 8:31 pm
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Pinterest's Q1 earnings exceeded expectations with a 23% revenue increase and a significant user growth, driven by AI and shoppability investments. Shares surged 18.57% after hours.
The substantial revenue growth and positive user metrics, coupled with exceeding analyst expectations, indicate strong company performance and investor confidence, likely leading to a short-term positive impact on PINS stock price.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100