Consumers stuck at home as a result of the coronavirus pandemic have been glued to the Internet.
Pinterest’s monthly active user count soared 39% from the year-earlier quarter to 416 million in the quarter. The latest figure was also up 13% from this year’s first quarter. The FactSet analyst consensus totaled 379 million for the latest period.
Pinterest reported a net loss of $100.7 million, or 17 cents a share, for the latest quarter, shrinking from a loss of $1.16 billion, or $2.62, in the year-earlier quarter.
The latest adjusted loss was 7 cents a share, compared with 6 cents a share a year earlier. The latest number was half analysts’ forecast of a 14-cent loss.
The San Francisco company’s revenue climbed 4.3% to $272.5 million in the second quarter from $261.3 million in the year-earlier period. Analysts predicted revenue of $250 million for the latest quarter.
Pinterest shares recently traded at $34.27, up 36%. The stock had soared 35% in 2020 through Thursday. The stock was just above $10 in mid-March.
Pinterest estimates revenue will rise in the mid-30% range for the third quarter. Sales likely shot up 50% in July through Wednesday compared with a year earlier, it said.
"We are encouraged by the performance of our business in July, but a tremendous amount of uncertainty remains given the ongoing covid-19 pandemic and other factors," Pinterest said in a statement.