Pinterest turned in stronger quarterly earning and revenue than expected, bolstering analysts’ confidence about the social media site’s growth prospects.
Pinterest, which makes money by selling ads, said it expects revenue to grow by 11% to 13% in the current quarter versus a year ago. The midpoint of that range, at 12%, compares with the 11.4% projected by analysts. CEO Bill Ready said the firm is laying the ground for more third-party partnerships after deciding in April to start showing Amazon.com‘s Sponsored Product ads on its platform.
Benchmark analyst Mark Zgutowicz on Tuesday wrote Pinterest is showing “nice near term momentum” in advertising, but continues to rate the stock at Hold. The firm doesn’t have a target for the stock price.
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Pinterest's stock surges 12% on jump in revenue, earningsJon Swartz is a senior reporter for MarketWatch in San Francisco, covering many of the biggest players in tech, including Netflix, Facebook and Google. Jon has covered technology for more than 20 years, and previously worked for Barron's and USA Today. Follow him on Twitter jswartz.
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