Image sharing platform Pinterest, Inc. (NYSE: PINS) reported profit for the first quarter of 2021, compared to a loss last year, aided by a double-digit increase in revenues. The results also beat estimates.
The Silicon Valley-based social media firm posted earnings of $0.11 per share for the first quarter, on an adjusted basis, compared to a loss of $0.1 per share in the year-ago period. Experts had predicted a smaller bottom-line number.
On an unadjusted basis, the company reported a net loss of $21.7 million, compared to a loss of $141.2 million in the first quarter of 2020. The improvement was the result of a 78% growth in revenues to $485.2 million, exceeding the consensus forecast.
Pinterest’s stock experienced significant volatility since the beginning of the year. It closed Tuesday’s trading higher but declined during the extended session immediately after the announcement.
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