Pinterest Inc (NYSE:PINS) shares are trading higher Thursday after the company reported better-than-expected top-line results.
Pinterest said first-quarter revenue increased 18% year-over-year to $574.88 million, which beat the $572.79 million estimate. The company reported a quarterly earnings loss of 1 cent per share, which was down from earnings of 11 cents per share in the first quarter of 2021.
Pinterest said global monthly active users decreased 9% year-over-year to 433 million.
Pinterest expects second-quarter revenue to grow 11% year-over-year, while operating expenses are expected to increase 10% quarter-over-quarter as the company ramps up investments in its native content ecosystem, experience, shopping and headcount across research and development and sales and marketing.
Following the company's results, Piper Sandler analyst Thomas Champion maintained Pinterest with an Overweight rating and lowered the price target from $46 to $35.
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PINS 52-Week Range: $18.32 - $81.77
The stock was up 8.68% at $20.26 at press time, according to data from Benzinga Pro.
Photo: courtesy of Pinterest.
