Pinterest Pops 36% After Quarterly Revenue Beat Fueled By Ad Recovery

Pinterest (PINS) traded up 36% on Friday after the photo-sharing site beat second-quarter results as advertising demand started to recover in May.Shares jumped to $34.29 at the close on Friday. The company reported an adjusted loss of 7 cents per share, beating the 14 cents loss per share expected by analysts. Total revenue increased 4% to $272 million, topping the consensus estimate of $251.2 million. Pinterest ended the quarter with 416 million monthly active users, reflecting growth of 39% year-over-year and exceeding estimates of 372.7 million.Advertising spending growth rates in May improved and June showed further recovery. In July, Pinterest …read more

Source:: Yahoo Finance