Pinterest Inc (NYSE:PINS) shares are trading higher Tuesday after the company reported strong third-quarter earnings. Here’s a look at the key metrics from the quarter.
- Q3 Revenue: $763 million versus estimates of $743.5 million
- Q3 EPS: 28 cents versus estimates of 20 cents
Revenues were up 11% year-over-year. Total cost and expenses came in at $768 million.
Pinterest said global monthly active users increased 8% year-over-year to 482 million.
“We are driving strong revenue performance, robust global MAU growth, and substantial margin expansion. As we lean into Pinterest’s unique differentiators as a visual search, discovery, and shopping platform, we’re finding our best product market fit in years,” said Bill Ready, CEO of Pinterest.
Outlook: Pinterest expects fourth-quarter revenue growth of 11% to 13% on a year-over-year basis. The company also said it expects fourth-quarter operating expenses to decline between 9% and 13%.
Following the company’s quarterly results, Keybanc analyst Justin Patterson maintained Pinterest with an Overweight rating and raised the price target from $35 to $37. Rosenblatt analyst Barton Crockett maintained a Buy rating and raised the price target from $38 to $45. BofA Securities analyst Justin Post upgraded Pinterest from Neutral to Buy and set a price target of $37.
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PINS Price Action: Pinterest shares were up 16.1% at $29.14 at the time of publication, according to Benzinga Pro.
Photo: Souvik Banerjee from Pixabay.
