Market Overview

Pinterest Pops 20% On Big Q3 Earnings Beat

Pinterest Pops 20% On Big Q3 Earnings Beat

Pinterest (NYSE: PINS) reported adjusted quarterly earnings of 13 cents per share on Wednesday, which beat the analyst consensus estimate of 2 cents by 550%. This is an increase over earnings of 1 cent per share from the same period last year.

The company reported quarterly sales of $442.62 million, which beat the analyst consensus estimate of $377.68 million by 17.19%. This is a 58.24% increase over sales of $279.70 million the same period last year.

"The strong momentum our business experienced in July continued throughout the rest of the third quarter,’ said Todd Morgenfeld, CFO of Pinterest in a statement. “We're extremely pleased with the broad based strength of our business, driven by recovering advertiser demand as well as positive returns from our investments in advertiser products and international expansion," adds Morgenfeld.

Pinterest shares were trading up 21.46% at $59.82 in Thursday's after-hours session. The stock has a 52-week high of $53.87 and a 52-week low of $10.10.

Snap (NYSE: SNAP) and Twitter (NYSE: TWTR) also traded higher in sympathy.

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