Pinterest Inc. PINS Shares,
They rose 25% in pre-market trading on Friday after the photo platform easily exceeded expectations and gave an optimistic forecast for the third quarter. The company posted a net loss of $ 100.7 million, or 17 cents a share, compared to a loss of $ 1.16 billion, or $ 2.62 per share, in the prior-year quarter. On a tight basis, Pinterest lost 7 cents a share, compared to 6 cents a share in the prior-year period. The FactSet consensus was for an adjusted loss of 14 cents per share. Revenue increased to $ 272.49 million from $ 261.25 million, while analysts surveyed by FactSet expected $ 250 million. The company said it expects July revenue to increase about 50% through July 29, compared to the previous year, and that third-quarter overall revenue could increase in the 30% range. “We are encouraged by the performance of our business in July, but there is still a great deal of uncertainty given the current COVID-19 pandemic and other factors,” Pinterest said at its launch. The company saw monthly active users in the June quarter rise to 416 million from 367 million in the March quarter. That number far exceeded the FactSet consensus, which was seeking 379 million monthly active users for the June period. The company had 96 million monthly active users in the United States and 321 million internationally. Average global revenue per user fell to 70 cents from 88 cents for the quarter, but was ahead of estimates of 67 cents. Pinterest shares have gained 22% in the last three months as S&P 500 SPX,
it is up 11%.
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