The stock of Pinterest (PINS) is up 15% after the social media company issued strong first-quarter financial results and raised its forward guidance.
The image sharing company announced earnings per share (EPS) of $0.27 U.S., which was ahead of the $0.23 U.S. expected on Wall Street.
Revenue in the period totaled $1.01 billion U.S., which surpassed the $966 million U.S. that analysts had expected from the company. Sales were up 18% from a year earlier.
Additionally, the company’s global monthly active users grew 11% year-over-year to 631 million in the first quarter, in line with analyst’s estimates.
Global average revenue per user came in at $1.61 U.S., topping Wall Street estimates of $1.54 U.S.
Prior to Q1 of this year, Pinterest had missed financial estimates for five consecutive quarters.
The company said in January that it would cut nearly 15% of its workforce.
Along with its latest earnings, Pinterest lifted its forward guidance, saying it expects revenue in the current second quarter to come in a range of $1.13 billion U.S. to $1.15 billion U.S.
That is ahead of the $1.11 billion U.S. that Wall Street was projecting for Pinterest.
Second quarter earnings are expected to come in between $256 million U.S. and $276 million U.S. Analysts were anticipating $261 million U.S. in Q2 profit.
Prior to today (May 5), PINS stock had declined 24% over the last 12 months to trade at $20.85 U.S. per share.
