Image sharing platform Pinterest, Inc. (NYSE: PINS) Thursday said it turned to net profit in the June quarter from a loss last year, supported by strong revenue growth. The numbers also came in above analysts’ forecast.
The Silicon Valley-based social media firm posted earnings of $0.25 per share for the second quarter, on an adjusted basis, compared to a loss of $0.07 per share in the year-ago period. Experts had predicted a smaller bottom-line number for the most recent quarter.
On an unadjusted basis, the company reported a net income of $69.4 million, compared to a loss of $100.7 million in the second quarter of 2020. The improvement was the result of a 125% growth in revenues to $613 million, which exceeded the consensus forecast.
Pinterest’s stock has experienced significant volatility since the beginning of the year. It closed Thursday’s trading lower and continued to lose during the extended session, immediately after the announcement.
Stocks you may like:
The cloud computing market witnessed accelerated growth in the last couple of years, as enterprises across the world shifted their digital assets to cloud for ensuring safety and enhancing data
Dollar Tree (DLTR) vs. Dollar General (DG): How did the third quarter turn out for these discount retailers?
In times of high inflation and economic uncertainty, consumers tend to turn to discount retailers in search of more value. The two leading discount retailers Dollar Tree Inc. (NASDAQ: DLTR)
The retail environment has witnessed many changes in customers’ shopping behavior lately, especially after the COVID outbreak. With inflation putting pressure on personal finances, there appears to be a new