Pinterest shares soar 20% after sales and user numbers show strength

The social media company reported adjusted earnings of 11 cents a share on revenue of $666 million.

The shares of Pinterest Inc. increased 20% after investors cheered the company’s second-quarter earnings.

The social media sharing company revealed its revenue increased by 9% to $666 million, with global monthly active users declining 5% to 433 million. The company’s generally accepted accounting principles net loss stood at $43 million, with adjusted earnings before interest, taxes, depreciation and amortisation at $92 million.

“We accelerated our investment in shopping and e-commerce this quarter, and I am thrilled by the dedication of our leaders and employees to continue to build a positive place on the Internet,” CEO Bill Ready noted.

Regarding its full-year forecast, Pinterest stated that it anticipates mid-single digit revenue growth and low double-digit operating expense growth (both in percentages). After the earnings report, after-hours trading saw a more than 20% increase in the company’s stock.

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