Pinterest stock jumps more than 20% after earnings miss, Elliott confirms stake and users stick around

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 60 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Pinterest shares surged in extended trading after the initial reports on Elliott buying in, as investors bet on the activist forcing change at the company, or potentially reviving reported merger talks with PayPal.

Pinterest Inc. missed expectations for earnings and guided for revenue lower than analysts expected in the current quarter, but shares still spiked in after-hours trading as users stuck around in a quarter that led to sudden change and attracted an activist investor.

Just as the quarter was about to end, co-founder Ben Silbermann stepped down as chief executive and was replaced by Bill Ready, a former Alphabet Inc. GOOGL, -1.26% GOOG, -0.99% and PayPal Inc. PYPL, +2.35% executive who has long been focused on e-commerce.

“We’ve had a very collaborative and engaged dialogue with Elliott recently,” Ready said on a conference call Monday. “They’re aligned with our vision of what Pinterest can become are supportive of our team and our efforts, and see the same tremendous potential for long term value creation that I do.”

For the third quarter, executives guided for revenue to “grow mid-single digits on a year-over-year percentage basis” in the third quarter. Analysts on average expected third-quarter adjusted earnings of 16 cents a share on sales of $710 million, according to FactSet, which would equal 12% revenue growth from the year before.

Chief Financial Officer Todd Morganfeld was more specific, saying “We will be even more strategic and selective in our hiring plans for the remainder of 2022,” while adding caution to Pinterest’s revenue guidance and warning that user growth could be slight the rest of the year.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Elliot buying Suncor , PayPal then Pinterest......

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pinterest Climbs on User Numbers and Elliott Investment Even as Financials DisappointPinterest shares jumped after the company’s user numbers surpassed analysts’ estimates in a gloomy quarter for social media.
Source: nbcchicago - 🏆 545. / 51 Read more »