Business Companies 02 Aug 2019 Pinterest beats reve ...

Pinterest beats revenue on user addition, lifts 2019 sales forecast

REUTERS
Published Aug 2, 2019, 10:30 am IST
Updated Aug 2, 2019, 10:30 am IST
The results were driven by a combination of international and U.S. growth and were also positively impacted by a delayed Easter this year.
The San Francisco, California-based company said it expects 2019 revenue between USD 1.095 billion and USD1.115 billion, compared with its prior forecast of USD1.055 billion to USD 1.08 billion.  (Photo: File)
 The San Francisco, California-based company said it expects 2019 revenue between USD 1.095 billion and USD1.115 billion, compared with its prior forecast of USD1.055 billion to USD 1.08 billion. (Photo: File)

Pinterest Inc (PINS.N) raised its full-year sales forecast and reported second-quarter revenue above Wall Street estimates on Thursday, as the online scrapbook company added more users, sending its shares up 12 per cent in extended trading.

The company said monthly active users rose 30 per cent in the quarter to 300 million globally, significantly above estimates, and the global average revenue per user surged 27.5 per cent to 88 cents.

 

“These numbers better demonstrate the strength of the Pinterest platform and fast adoption among both consumers and advertisers,” said Colin Sebastian, an analyst at Baird Equity Research.

The results were driven by a combination of international and U.S. growth and were also positively impacted by a delayed Easter this year, the company said.

“Pinterest has delivered exactly what investors were looking for,” said James Cordwell, an analyst at Atlantic Equities.

The San Francisco, California-based company said it expects 2019 revenue between USD 1.095 billion and USD1.115 billion, compared with its prior forecast of USD1.055 billion to USD 1.08 billion.

 

Total revenue in the second quarter rose 62 per cent to USD 261 million, above analysts’ estimate of USD 235.5 million, according to IBES data from Refinitiv.

Shares of Pinterest, the most high-profile social media company to list in the United States since Snap Inc (SNAP.N) in 2017, have risen about 50 per cent since initial public offering in April.

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