The company’s shares surged about 29 per cent before the bell, after gaining about 35 per cent this year through Thursday’s close.
Pinterest, which calls its users “Pinners,” said monthly active users jumped 39 per cent to 416 million during the quarter, beating estimates of 372.7 million, according to Refinitiv IBES data.Stay-at-home orders to limit the spread of the COVID-19 pandemic have prompted people to use social networking and communication platforms to stay entertained and connected with friends and family.
The company, which had withdrawn its full-year outlook in April, now expects current-quarter revenue to grow in the mid-30 per cent range from a year earlier. It forecast year-over-year revenue growth for July of about 50 per cent through July 29. Excluding items, Pinterest reported a loss of 7 cents per share, while analysts were expecting a loss of 14 cents.
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