Microsoft (MSFT) Contacted Pinterest (PINS) to Discuss a Takeover Deal, Talks Not Active - Report
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Microsoft (NASDAQ: MSFT) was in contact with a social media platform Pinterest (NYSE: PINS) regarding a possible takeover, the Financial Times reports. However, at this stage, discussions between two companies are not active, the report added.
The social media company previously signaled it wants to remain an independent company.
Last week, PINS smashed analysts’ estimates for the fourth quarter. The company reported its total U.S. revenue soared 67%, compared to a year ago, to $582 million.
“Our investments in ad tools and sales coverage continued to pay off, especially during a strong holiday season. Advertising demand was healthy across different advertiser sizes and verticals, with Retail demand further building off last quarter’s recovery,” the company said in its report.
Its international business performed even better with revenues exploding 145% to $123 million. PINS has 459 million monthly active users.
“International revenue more than doubled in Q4 from the prior year, speaking to how important Pinterest has become to advertisers reaching a global audience of Pinners. And we’re just getting started here: in 2021, we plan to expand our presence in existing international markets and are excited to enter new geographies in Latin America in the first half of the year,” the company said in a statement.
Shares of Pinterest are up 7.8% in pre-open trading Thursday. PINS stock gained about 250% in 2020 amid a general shift to online interactions. The company has a market capitalization that exceeds $50 billion.
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