) surged 17% in premarket trading on Tuesday after a strong quarterly performance indicated that the image-sharing platform was riding a rebound in the advertising market and making inroads among the lucrative Gen Z.
"Take the strong engagement trends as a sign that Pinterest may have found product-market fit with younger users which keeps the flywheel going," Bernstein analyst Mark Shmulik said. Shares were up 17% at $29.43, and the company was on track to add nearly $3 billion in market value if the gains held.Meanwhile, the company said more than half its users were viewing the platform, which helps create online pinboards, as a place to shop and the company has focused on making it more"shoppable" to help drive engagement.
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