PINS - Why Pinterest Stock Skyrocketed on Wednesday
2024-05-01 11:36:20 ET
Shares of image-browsing platform Pinterest (NYSE: PINS) skyrocketed on Wednesday after the company reported financial results for the first quarter of 2024 that started to show off the company's potential. As of 10:30 a.m. ET, Pinterest stock was up 19% and within spitting distance of 52-week highs.
Last time it reported financial results, Pinterest predicted it would generate Q1 revenue of $705 million at most. But in Q1, the company actually had revenue of $740 million, which was up 23% year over year and boosted by active user growth of 12%.
Pinterest's CEO Bill Ready said that Q1 represented its "Fastest user and revenue growth since 2021," which is certainly something worth celebrating.
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Why Pinterest Stock Skyrocketed on Wednesday