Pinterest CEO Bill Ready rang the opening bell at the New York Stock Exchange following the company's announcement of first-quarter earnings that surpassed expectations. Pinterest reported revenue of $855 million and adjusted earnings per share of $0.23, both beating estimates. Looking ahead, the company anticipates second-quarter sales between $960 million and $980 million, surpassing analysts' expectations. With 570 million monthly active users, Pinterest demonstrates strong engagement even in a tough economic environment, marking it as a resilient player in the digital advertising market.
"As the macroeconomic and digital ad landscape evolves, our strategy and consistent execution has made Pinterest more resilient than ever," Pinterest CEO Bill Ready said in a statement. "The fundamentals in the business are strong and we're continuing to see healthy growth."
Pinterest logged $172 million in first quarter adjusted earnings before interest, taxes, depreciation and amortization, or EBIDTA, which was higher than the $164 million that Wall Street was expecting. First quarter EBIDTA margin was 20% compared to analysts expectations of 19.4%.
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