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Pinterest surges after earnings. Why Jim Cramer sees the stock as a long-term winner

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Pinterest “is going to be a long-term winner,” CNBC’s Jim Cramer Cramer said. “This stock goes higher. It’s terrific.”

Under CEO Bill Ready, who took over in June 2022, the company is"finally" translating all its user interest into ad sales, Cramer said on"Squawk on the Street." Pinterest's new focus on enhancing the shopping experience is better for users and advertisers, he added. Pinterest is like a digital pinboard, where people go for inspiration on interior design, their wardrobe and more.

"This is now going to be – along with Meta – a destination for you to advertise at," Cramer said."It had always been a destination for you to look at and then go somewhere else because you got the idea. Now, you stay.", which also owns Facebook and WhatsApp. While Meta is much larger than Pinterest, advertising is the primary revenue source for both companies.

Shares of Pinterest surged more than 19% on Tuesday to nearly $30 apiece, after releasing better-than-expected third-quarter results Monday evening.In addition to Pinterest's 11% revenue growth in the quarter, Cramer said he also was impressed by the company's improved profitability and expanding user base. Global monthly active users rose 8% compared with the year-ago period, to 482 million., which was announced in late April.

 

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