Pinterest news for Friday concerning the company’s earnings report for the second quarter of 2019 has PINS stock soaring.
The Pinterest (NYSE:PINS) earnings report for the second quarter of the year has it losses per share coming in at 6 cents. This is better than the company’s losses per share of 27 cents from the same time last year. It was also good news for PINS stock by beating out Wall Street’s losses per share estimate of 8 cents for the quarter.
The Pinterest news release for the second quarter of 2019 also has revenue reaching $261.25 million. That’s much higher than the company’s revenue of $161.92 million reported in the second quarter of 2018. It was also a boon to PINS stock by easily coming in above analysts’ revenue estimate of $$236.00 million for the period.
“Q2 revenue grew 62% year-over-year to $261 million,” Todd Morgenfeld, CFO of PINS, said in the Pinterest news release. “The momentum we have seen over the past several quarters continued as more advertisers recognize the power of our platform to reach consumers.”
Pinterest notes that it saw its average revenue per user gain greatly during the quarter. For the U.S., that number was up 41% from the second quarter of the previous year to $2.80. The international increase was 123% at 11 cents. The total average revenue per user gain for the quarter was up 29% to 88 cents.
PINS stock was up 17% as of noon Friday and is up 15% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.