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Pinterest jumps more than 25% on earnings beat as tech stocks bounce back

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Ben Silbermann, co-founder and chief executive officer of Pinterest Inc., center, rings the opening bell on the floor on the New York Stock Exchange during the company’s initial public offering (IPO) in New York, on Thursday, April 18, 2019.
Michael Nagle | Bloomberg | Getty Images

Pinterest stock rose over 28% in extended trading on Thursday after the social media company reported fourth-quarter earnings and sales that beat Wall Street expectations.

Here’s how Pinterest did versus Refinitiv consensus estimates:

EPS: $0.49, adjusted, versus $0.45 expected.
Revenue: $847 million, versus $827 million expected, up 20% year-over-year

Pinterest said that first quarter revenue would grow “in the high teens” annually, in line with analyst expectations of a 18% year-over-year increase.

Pinterest said that its global monthly active users, a key metric for measuring the health of a social network, declined 6% year-over-year to 431 million. During the quarter, monthly active users declined 12% in the United States to 86 million.

However, average revenue rose 23% in the quarter to $1.93 per global user.

Before the report, Pinterest stock had dropped 10% on Thursday, after competitor Meta reported an outlook worse than expectations on Wednesday, and came up short on user numbers, prompting investors to sell off social media stocks.

But Pinterest’s share price recovered all the losses and added gains after the market closed on Thursday on its earnings report and a bullish report from competitor Snap.

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