) delivered a strong performance in the first quarter, surpassing Wall Street expectations with an earnings beat and robust revenue forecast, sending its shares soaring by more than 23%.
Revenue for the quarter was reported at $740 million, topping the consensus estimate of $700.27 million and marking a significant 23% increase, nearly doubling the growth rate from the previous quarter. Pinterest sees second-quarter revenue at between $835 million to $850 million, against analysts' expectations of $826.5 million. This forecast suggests year-over-year revenue growth of 18-20%.
“Q1 was a milestone quarter for Pinterest as we reached new highs: surpassing half a billion monthly active users and reporting 23% revenue growth – our fastest user and revenue growth since 2021,” said Bill Ready, CEO of Pinterest.