Why Pinterest Stock Jumped Higher Today
Shares of image-browsing platform Pinterest (NYSE: PINS) jumped higher on Halloween, after the company reported surprisingly good financial results for the third quarter of 2023. As of 9:45 a.m. ET, Pinterest stock was up 13%.
For a long time, Pinterest had struggled to attract new users and to better monetize its audience. The company showed progress last quarter and progress continued in Q3. For starters, it reached 482 million global active users during the quarter, which was an all-time high and a big jump from its 465 million users at the end of the second quarter.
In Q3, Pinterest generated revenue of $763 million, an 11% year-over-year jump. The company did have an operating loss of $5 million, but that was greatly improved from its operating loss of $69 million in the prior-year period. Moreover, thanks to interest it earned on its large cash position, Pinterest had positive net income of $6.7 million.
Source Fool.com
