Close

Pinterest Shares Soar 22% Despite Q2 Miss as Elliott Confirms Stake

August 1, 2022 4:49 PM EDT

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

Pinterest (NYSE: PINS) shares surged more than 22% after-hours despite the company's second-quarter miss after Elliott Management confirmed a stake in the company, announcing they are now the largest shareholder.

"Pinterest is a highly strategic business with significant potential for growth, and our conviction in the value-creation opportunity at Pinterest today has led us to become the Company's largest investor," Elliott said in a statement. "As the market-leading platform at the intersection of social media, search and commerce, Pinterest occupies a unique position in the advertising and shopping ecosystems, and CEO Bill Ready is the right leader to oversee Pinterest's next phase of growth. We commend Ben Silbermann and the Board on the leadership transition, and we look forward to continuing our collaborative work with Ben, Bill and the Board as they drive toward realizing Pinterest's full potential."

For the quarter, the social media player reported EPS of $0.11 missing the consensus estimate of $0.18. Revenue grew 9% year-over-year (up 10% on a constant currency basis) to $666 million, worse than the consensus estimate of $671.41 million. Global Monthly Active Users (MAUs) were 433 million, representing a 5% year-over-year decrease.

The company expects Q3/22 revenue to grow mid-single digits percent year-over-year. Non-GAAP operating expenses are expected to grow low double digits percent quarter-over-quarter.

For the full 2022-year, the company reiterated its previous expense guidance of non-GAAP operating expense growth in the range of 35-40% year over year.

By Davit Kirakosyan



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Earnings, Hedge Funds, Hot List, Rumors, Trader Talk

Related Entities

Elliott Associates