Pinterest (NYSE:PINS) stock is climbing higher on Tuesday following the release of the social media company’s earnings report for the second quarter of 2022.
First up we have Pinterest reporting monthly active users declined 5% to 433 million. While that may not seem like a positive, it’s better than the 431 million monthly active users that Wall Street was expecting for the quarter.
To go along with that, Elliott Management also announced its stake in PIN stock. Reports of the firm taking a stake in Pinterest spread last month. Now Elliott has confirmed that it’s the largest shareholder in the company.
Here’s what Elliott said about Pinterest in its announcement, according to CNBC:
As the market-leading platform at the intersection of social media, search and commerce, Pinterest occupies a unique position in the advertising and shopping ecosystems, and CEO Bill Ready is the right leader to oversee Pinterest’s next phase of growth.
PINS Stock: EPS and Revenue Missed Estimates
The other news from Pinterest’s earnings report wasn’t as positive. That includes its adjusted earnings per share of 11 cents, as well as its revenue of $665.93 million. Both of these come in below Wall Street’s estimate of 18 cents per share and $713.47 million.
Heavy trading also has PINS stock on the move today. As of this writing, more than 19 million shares have changed hands. That’s already above the company’s daily average trading volume of about 16.7 million shares.
PINS stock is up 13.2% as of Tuesday morning.
Investors seeking out more recent stock market news are in the right place!
InvestorPlace has all of the latest stock news traders need to know about for Tuesday! That includes what has shares of AMTD Idea (NYSE:AMTD), AMTD Digital (NYSE:HKD), and Revlon (NYSE:REV) stock moving. You can find out all about that at the following links!
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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.