Why Pinterest Stock Jumped in Early Trading on Tuesday
Shares of Pinterest (NYSE: PINS) jumped by as much as 7% on Tuesday morning after analysts said that the image-centric social media platform operator is exploring a partnership with tech titan Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL). As of 12:17 p.m. ET, those gains had moderated, and Pinterest stock was only up by 2.1%.
According to analysts with Piper Sandler, Pinterest may be testing a U.S. partnership with Alphabet's Google. According to Investing.com, the analysts examined the code on Pinterest ads, leading them to believe that there's a partnership between the two companies.
To be clear, this wouldn't come as a total shock. In 2023, Pinterest opened its platform up to third-party ads through a partnership with Amazon. And in February, the company said that it had partnered with Google to start monetizing select international markets.
Source Fool.com
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