Pinterest's stock surged 21% on May 1 after the social media company posted its first quarter earnings report. Its revenue rose 23% year over year to $740 million, exceeding analysts' estimates by $40 million, while its adjusted earnings surged 150% to $0.20 per share and cleared the consensus forecast by seven cents.
Pinterest's year-over-year revenue growth has accelerated for five consecutive quarters. Its monthly active users (MAUs) rose 12% year over year to 518 million in the first quarter, its second consecutive quarter of double-digit growth, and its average revenue per user (ARPU) grew over the past three quarters.
Pinterest's growth spurt was attributed to overseas expansion, rising mobile app popularity, new Gen Z users reducing reliance on older ones, fresh video content, AI-driven recommendations, and more e-commerce tool integrations.
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