Pinterest (NYSE:PINS) reported its second-quarter earnings on Friday, beating Wall Street estimates for revenue as its user growth increased during lockdowns.
The company stated that its global monthly active users grew 39% year on year to 416 million, while its revenue grew 4% year on year to $272 million. Another positive from the report was the percentage of people using the platforms shopping only feed grew by more than 50% in the first half of the year.
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
“In these tough times, we’re seeing more and more people rely on Pinterest to cook at home, plan kids activities and set up a home office. Businesses are helping them turn their ideas into reality as people are increasingly discovering and buying products on Pinterest,” said Pinterest CEO and co-founder Ben Silbermann.
Pinterest shares have surged premarket after the report currently trading at $33.95, up 34.78% from yesterday’s close of $25.19.
The company went on to say that given the current outlook due to the COVID-19 pandemic, they will not be providing any forward guidance.
Year on year the company are estimating on a preliminary basis that its revenue growth for July will be around 50%. The social media platform said that they are encouraged by the performance of its business in July but still feel a tremendous amount of uncertainty going forwards.
