Pinterest (NYSE:PINS) stock is soaring higher on Friday following the release of the company earnings report for the fourth quarter of 2021.
The good news for PINS stock starts with the social media company reporting adjusted earnings per share of 49 cents. That’s an increase over its 43 cents reported during the same time last year. It also handily beats out Wall Street’s estimate of 45 cents per share.
In addition to that, Pinterest also reported solid revenue of $846.66 million. That’s a 20% jump year-over-year from its revenue of $705.62 million. It’s also better than the $827.23 million that analysts were expecting.
Pinterest brought in these positive results despite the company noting a 6% drop in monthly active users compared to Q4 2022. However, its average revenue per user increased 23% during the quarter to $1.93.
The image-sharing company also revealed its outlook for the first quarter of 2021 in its most recent earnings report. This has it expecting revenue for the period to increase in the high teens percentage when compared to Q1 2021.
Ben Silbermann, co-founder and CEO of Pinterest, said this in the earnings report boosting PINS stock today.
“We took important steps in 2021 with the launch of our foundational technology to deliver a video-first publishing platform. And, I’m proud to say that for the first time, we surpassed $2 billion in revenue for the year — growing 52% over the previous year — and reached our first full year of GAAP profitability.”
It’s worth noting that today’s positive movement for PINS stock comes after a poor performance yesterday. That was due to a lackluster earnings report from Meta Platforms (NASDAQ:FB), which dragged down other social media stocks.
PINS stock is up 6.7% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
