Pinterest (NYSE:PINS) earnings for the social media company’s second quarter of 2020 have PINS stock on the rise Friday. That’s due to its adjusted losses per share of 7 cents beating out Wall Street’s estimate of -13 cents. Its revenue of $272.49 million also comes in above analysts’ estimate of $251.24 million.
Let’s take a closer look at the most recent Pinterest earnings report below.
- Adjusted per-share losses are 16.7% wider than the 6-cent loss from the same period of the year prior.
- Revenue for the quarter comes in 4.3% higher than the $261.25 million reported in the second quarter of 2019.
- Operating loss of $104.53 million is a 91% improvement year-over-year from a $1.17 billion loss in 2019.
- The Pinterest earnings report also includes a net loss of $100.75 million.
- That’s a 91.3% narrower net loss than the -$1.16 billion reported during the same time last year.
Todd Morgenfeld, CFO and Head of Business Operations at Pinterest, said this about the earnings report.
“By all accounts, this was a challenging quarter as COVID-19 continued to spread. I’m pleased with the way we responded and remained engaged with our advertising partners. It has been encouraging to see the recovery in our business over the past few months, but there is still a tremendous amount of uncertainty and work to be done.”
Pinterest isn’t providing guidance for the full year of 2020 at this time. The company attributes this decision to the novel coronavirus. Many other companies are withholding outlooks at this time.
PINS stock was up 32.1% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.