
Pinterest Reports 6% Revenue Growth in Q2 2023, PINS Shares Gain Over 3%
For Q2 2023 which ended on June 30, Pinterest reported revenue of $708 million and global monthly active users of about 465 million.
For Q2 2023 which ended on June 30, Pinterest reported revenue of $708 million and global monthly active users of about 465 million.
In addition to announcing the strategic partnership, Pinterest released its earnings for the first quarter.
Pinterest experienced an initial 12% decline in stock value following its less-than-expected Q4 2022 revenue haul.
Pinterest’s financial reports for Q3 2022 have defied the odds of several advertising companies whose revenue reportedly fell short of analysts’ expectations.
The most recent quarterly report is the first since co-founder Ben Silberman stepped down as CEO.
Elliott Management is the biggest investor in Pinterest. The Vanguard Group has an 8.7% stake in the company.
PINS stock jumped 8% in after-market hours as the company’s ad revenue per user was up 28% at $1.33.
Pinterest stock has dropped approximately 51.58%, 8.86%, and 33.74% in the past year, YTD, and three months respectively.
The company described the new product as a series of live, original, and shoppable episodes featuring creators right on Pinterest.
Following the dip in its price today, the PINS stock has wiped out gains made last week after the news hit the internet.
Pinterest shares gained approximately 23.36% in the past year but dropped approximately 4.89%, and 13.79% in the past ten months and three months respectively.
Pinterest recorded a revenue of $613 million versus $562.1 expected by analysts according to Refinitiv.
Pinterest (PINS) stock closed yesterday at $23.28 after adding 5.05% and in the pre-market is 2.71% up. The spike was attributed to the news that Facebook wants to shut down its Hobbi app.