Pinterest Inc (NYSE:PINS) shares are trading higher by some 2.33% to $27.23 Thursday morning. Shares of several social media companies are trading higher in sympathy with Meta Platforms Inc (NASDAQ:META), which reported strong quarterly results and an increase in active users.
What Happened?
Meta Platforms reported quarterly earnings of $2.20 per share which beat the analyst consensus estimate of $2.03.
The company reported quarterly sales of $28.64 billion which beat the analyst consensus estimate of $27.62 billion by 3.71 percent. This sales figure represents a 2.6% increase over sales of $27.91 billion in the same period last year.
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Among the user metrics, Meta’s daily active users rose 4% to 2.04 billion.
The inflection in ad revenue was achieved on the back of investments in AI and products, KeyBanc Capital Markets analyst Justin Patterson said in a note…Read More
According to data from Benzinga Pro, PINS has a 52-week high of $240.01 and a 52-week low of $88.09.
