Pinterest Stock Is Rising Wednesday: What's Happening?
Portfolio Pulse from Adam Eckert
Pinterest Inc (NYSE:PINS) shares surged after reporting strong Q1 earnings and upbeat guidance. Revenue hit $740 million, surpassing estimates of $699.872 million, with a smaller-than-expected EPS loss of 4 cents. Year-over-year, revenues grew nearly 23%, and global monthly active users reached a record 518 million. CEO Bill Ready highlighted significant growth and advancements in AI and shoppability. Q2 revenue is expected to be between $835 million to $850 million, exceeding forecasts. Rosenblatt analyst Barton Crockett upgraded the price target from $45 to $48.
May 01, 2024 | 1:32 pm
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Pinterest Inc reported strong Q1 earnings, surpassing revenue estimates and projecting higher Q2 revenue, leading to a stock price surge.
The positive earnings report and optimistic future revenue guidance directly impact Pinterest's stock value by increasing investor confidence and market optimism. The significant user growth and advancements in AI and shoppability further bolster the company's market position, leading to a positive short-term price direction.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100