2023-10-13 16:48:00 ET
Shares of Pinterest (NYSE: PINS) have fallen 68% from the previous peak, but the image-based social media app is reporting much better growth than a year ago.
Accelerating revenue growth and prospects for an improving advertising market have pushed the stock up 17% this year, but Pinterest is not out of the woods yet. Its strategy to launch shoppable ads on its platform puts it in more direct competition with Meta Platforms ' Instagram, but Pinterest has one advantage that could drive more growth for investors.
Despite a soft advertising market, Pinterest reported two consecutive quarters of accelerating top-line growth in the first and second quarters of 2023. Wall Street analysts expect revenue to increase by 8% for the full year before accelerating to 15% next year.
For further details see:
Down 68%, Is It Time to Buy Pinterest Stock?