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.
WELCOME BONUS - Free Share Bundle When You Invest £50!
Get up to £500 cashback for investing with IG.
“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.