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Pinterest stock rises 25% after optimized forecast, huge beat on user growth



Shares of Pinterest Inc. PINS,
+ 0.96%
are up 25% in sales trading ahead of Friday after the photo platform easily exceeded expectations and gave optimal forecasts for the third quarter of the year. 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 a share, in the previous quarter. On an adjusted basis, Pinterest lost 7 cents a share, compared to a 6-cent share in the pre-year period. The FactSet consensus was for an adjusted 1

4% percent loss. Revenue rose to $ 272.49 million from $ 261.25 million, while analysts surveyed by FactSet were expecting $ 250 million. The company said it expects revenue for July to be around 50% by July 29, relatively a year earlier, and that overall third-quarter revenue could be up to half 30%. “We are encouraged by the execution of our business in July, but a great deal of uncertainty remains due to the ongoing COVID-19 pandemic and other factors,” Pinterest said in its release. 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 looking for 379 million active users a month for the June period. The company had 96 million monthly active users in the United States and 321 million internationally. Average average revenue per user dropped to 70 cents from 88 cents for the quarter, but came ahead for estimates to 67 cents. Pinterest shares have gained 22% in the last quarter as the S&P 500 SPX,
-0.37%
increased 11%.


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