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.
Read management/analysts’ comments on Pinterest’s Q1 results
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.