Pinterest Posts Better-Than-Expected Q2 Earnings: AI Is 'Clear Accelerant'
Pinterest Inc (NYSE: PINS ) posted financial results for the second quarter after the close on Tuesday. Here’s a rundown of the report. Pinterest shares are in the spotlight. What’s driving PINS stock higher? Pinterest Q2 Earnings Details Pinterest reported second-quarter revenue of $1.18 billion, beating analyst estimates of $1.15 billion, according to Pro. The idea discovery platform company reported adjusted earnings of 43 cents per share, topping estimates of 36 cents per share. Total revenue was up 18% on a year-over-year basis as Pinterest’s global monthly active users increased 11% year-over-year to 640 million. Average revenue per user in the quarter was $1.86 globally and $8.30 in the U.S. and Canada. Net cash from operations totaled $293 million in the quarter, and free cash flow came in at $270 million. The company exited the period with approximately $422.48 mi...
Pinterest Inc (NYSE: PINS ) posted financial results for the second quarter after the close on Tuesday.
Here’s a rundown of the report.
Pinterest shares are in the spotlight.
What’s driving PINS stock higher? Pinterest Q2 Earnings Details Pinterest reported second-quarter revenue of $1.18 billion, beating analyst estimates of $1.15 billion, according to Pro.
The idea discovery platform company reported adjusted earnings of 43 cents per share, topping estimates of 36 cents per share.
Total revenue was up 18% on a year-over-year basis as Pinterest’s global monthly active users increased 11% year-over-year to 640 million.
Average revenue per user in the quarter was $1.86 globally and $8.30 in the U.S. and Canada.
Net cash from operations totaled $293 million in the quarter, and free cash flow came in at $270 million.
The company exited the period with approximately $422.48 million in cash and cash equivalents. “AI is at the heart of our momentum and is a clear accelerant for our business.
It is trained on our unique human curation of style and taste, making Pinterest more personalized and actionable for users, while improving performance for advertisers and creating more opportunities to monetize over the long term,” said Bill Ready, CEO of Pinterest.
Pinterest sees third-quarter revenue in the range of $1.19 billion to $1.21 billion, versus estimates of $1.20 billion.
The company anticipates adjusted EBITDA of $335 million to $355 million in the third quarter, versus $311 million in the second quarter.
Pinterest executives are currently discussing the company’s guidance and more on an earnings call that started at 4:30 p.m.
ET.
PINS Stock Slides After Earnings PINS Price Action: Pinterest shares were down 7.74% in Tuesday’s after-hours session, trading at $ 23.60 at the time of publication, according to Pro.
Read Also: Snap CEO Says Only 3% of Snapchat Users Pay for Subscriptions— He Thinks That's Actually Good News Image: Shutterstock.com