Pinterest beats revenue estimates on user addition, shares jump
(Reuters) – Pinterest Inc reported second-quarter revenue above Wall Street estimates on Thursday, as the online scrapbook company added more monthly active users, sending shares up 13% in extended trading.
The company said monthly active users rose 30% in the quarter to 300 million globally, above estimates of 291.4 million, according to IBES data from Refinitiv.
Pinterest also raised its 2019 revenue forecast and now expects it between $1.095 billion and $1.115 billion, compared with the prior forecast of $1.055 billion to $1.08 billion.
Global average revenue per user rose 27.5% to 88 cents, the company said.
“Our performance was driven by a combination of international and U.S. growth and was also positively impacted by the later timing of Easter (in 2019) vs. in 2018,” the company said in a statement.
Pinterest shares have risen about 50% since initial public offering in April.
Total revenue in the quarter rose 62% to $261 million, above analysts’ estimate of $235.5 million.
(Reporting by Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli)
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