Pinterest Inc PINS shares are trading higher Tuesday after Elliott Investment Management released a statement in connection with the company's earnings report, noting that it's now Pinterest's largest shareholder.
"Pinterest is a highly strategic business with significant potential for growth, and our conviction in the value-creation opportunity at Pinterest today has led us to become the Company's largest investor," the firm said.
PINS Earnings: Pinterest said second-quarter revenue jumped 9% year-over-year to $666 million, which missed the estimate of $673.66 million, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of 11 cents per share, which missed the estimate of 18 cents per share.
Pinterest said global monthly active users decreased 5% year-over-year to 433 million.
Pinterest expects third-quarter revenue to grow mid-single digits year-over-year, while third-quarter operating expenses are expected to increase in the low double digits quarter-over-quarter.
Keybanc analyst Justin Patterson maintained Pinterest with an Overweight rating and raised the price target from $24 to $28 following the company's results.
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PINS Price Action: Pinterest has a 52-week high of $36.95 and a 52-week low of $16.14.
The stock was up 18.1% at $23.61 at press time.
Photo: Souvik Banerjee from Pixabay.
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