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

Stock Markets Aug 01, 2022 04:50PM ET
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© Reuters. Pinterest Shares Soar 22% Despite Q2 Miss as Elliott Confirms Stake

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

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

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Comments (5)
Will Turnage
Bucked_up Aug 01, 2022 8:52PM ET
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Sounds like a good short oppurtunity
Arman Manas
Arman Manas Aug 01, 2022 7:43PM ET
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What BS is Pintrest and elliot dishing out - its a short squeeze with almost a 9 % short float with 2.7 days to margin -In what unverse do you miss every metric and jump 22%. Their MAU equal’s 463 million users yoy. 80% of their audience comes fron the USA. Thats 320 million here? 75% of their audience are female thats about 250 million - do we have 250 million women in thr USA? I dont think so and seriously doubt that they all pin. Give me a break ! I hope tomorrow’s hangover wakes up the investors
ZS Beck
ZS Beck Aug 01, 2022 7:36PM ET
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I hear Bla,Bla,bla.I habe only 1 question. How much Eliot is already down with they previus Printerest Imvestment? Trying to find the bottom?
Dave Jones
Dave Jones Aug 01, 2022 5:26PM ET
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Basically saying Elliott Management bought the shares causing them to spike. well more fo ol them to invest in a fluff company worth fa.
Jesse Hernandez
Jesse Hernandez Aug 01, 2022 5:11PM ET
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that's insane
 
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