Why Pinterest Stock Soared Today
Shares of Pinterest (NYSE: PINS) rocketed higher on Thursday following the visual discovery engine's blockbuster third-quarter results. As of 2:15 p.m. EDT, Pinterest's stock was up more than 28%.
Pinterest's revenue surged 58% year over year to $443 million, fueled by a 37% jump in global monthly active users (MAUs) to 442 million. The gains were driven by strong growth in international markets as well as a shift in advertising spending to online channels during the coronavirus pandemic.
"More than ever before, people are coming to Pinterest to get inspiration for their lives -- everything from planning early for a socially distant Halloween to creating great home schools for their kids," CEO Ben Silbermann said in a press release.
Source Fool.com
