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BREAKING NEWS

Pinterest beats revenue estimates on user addition, shares jump

Pinterest beats revenue estimates on user addition, shares jump
FILE PHOTO: A guest hold up a phone during the Pinterest Inc. IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2019. REUTERS/Brendan McDermid -
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BRENDAN MCDERMID(Reuters)
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(Reuters) – Pinterest Inc <PINS.N> 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 (£901 million and £917 million), 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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