Pinterest narrows 2Q net loss as customers spend more time at home
Company reported $101M loss compared with $1.2B lost during same quarter in 2019
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Pinterest Inc. said Friday that its second-quarter net loss narrowed as the photo-sharing platform gained customers spending more time at home because of the Covid-19 pandemic.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PINS | PINTEREST INC. | 32.28 | +0.26 | +0.81% |
The company reported a loss of $101 million, or 17 cents a share, compared with a loss of $1.2 billion, or 2.62 cents a share, in the same quarter a year ago, when a one-time charge related to stock compensation hit the results.
WHAT IS PINTEREST COMPETITOR KEEN?
In the first quarter, as Covid-19 began to change customer behavior, Pinterest reported a net loss of $141 million, or 25 cents a share.
Analysts had expected a wider loss of 28 cents a share for the second quarter.
Total sales rose 4% to $272.5 million. Monthly active users grew 39% to 416 million, while FactSet estimated 378.7 million.
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"We're seeing more and more people rely on Pinterest to cook at home, plan kids activities and set up a home office," Ben Silbermann, CEO and co-founder, said in a press release.
Pinterest refrained from issuing extended guidance because of Covid-19 uncertainties but said revenues are rising.
"We estimate, on a preliminary basis, year-over-year revenue growth for the month of July to be about 50% through July 29th," Mr. Silbermann said. "Our current expectation is that Q3 revenue will grow in the mid-30% range year over year."