Pinterest jumped after reporting resilient sales and user numbers and Elliott Investment Management confirmed a major stake, saying it approved of the company’s leadership.
Pinterest Inc. jumped after reporting resilient sales and user numbers and Elliott Investment Management confirmed a major stake, saying it approved of the company’s leadership. Shares gained about 20 per cent in extended trading.
The Wall Street Journal reported Elliott’s stake as 9 per cent on July 15, sending Pinterest stock up 16 per cent. The activist investor said Monday that it’s confident in Pinterest’s direction. Andrew Lipsman, analyst at Insider Intelligence, said the pop in shares is likely due to Elliott’s vote of confidence. He said Pinterest needs to prove that it can expand its users going forward.
Sales increased 9 per cent to US$665.9 million in the second quarter, the San Francisco-based company said in a statement. The revenue was in line with the analysts’ average estimate, according to data compiled by Bloomberg.
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