Pinterest (PINS) saw a rise in stock price after announcing its first quarter earnings, which, although a miss on adjusted earnings, showcased positive sales growth and optimistic future guidance. The company reported a 35% increase in adjusted earnings to 23 cents per share with revenues up 16% to $855 million, surpassing analysts' sales expectations. With a projected sales guidance of $970 million for the upcoming quarter, Pinterest joins other social media theyâre displaying a positive outlook amidst a challenging advertising environment. Additionally, Pinterest's total active users grew, displaying strong user engagement and growth.
Adjusted earnings for San Francisco-based Pinterest increased 35% to 23 cents per share for its March quarter, compared to expectations of 26 cents per share.
'Our strong results in the first quarter demonstrate continued momentum in revenue, user growth and engagement,' Pinterest Chief Executive Bill Ready said in a statement.
Pinterest guided for sales of $970 million, compared to expectations of $960 million, indicating positive sentiment about the advertising market.
Monthly active users for Pinterest increased 10% year-over-year to 570 million, ahead of estimates for 564.6 million.
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