Why Pinterest Stock Popped Today
Shares of Pinterest (NYSE: PINS) have popped today, up by 12% as of noon EDT, after the company reported preliminary first-quarter results. The social media specialist also withdrew its 2020 guidance due to continued uncertainty related to the COVID-19 outbreak.
Revenue in the first quarter is expected to be in the range of $269 million to $272 million, ahead of the $266.7 million in sales that analysts are modeling for. Monthly active users (MAUs) will be in the range of 365 million to 367 million, of which 89 million to 90 million are within the U.S. Wall Street was looking for 345 million MAUs. Much like peers, the pandemic is hurting Pinterest's ad revenue as marketers pull back on spending.
Image source: Pinterest.
Source Fool.com
