Pinterest jumps after co's rare revenue beat among social media cos
28/10/2022 10:12
** Pinterest Inc PINS.N jumps 9.2% to $23.90 premarket
** Posts quarterly revenue beat as its ads business stayed
resilient amid the wider industry downturn and people were still
engaging with its image-sharing platform
** PINS returned to user growth in the July-September period
after three straight quarters of decline
** This comes at a time when ad revenue earning companies
including Alphabet Inc GOOGL.O to Meta Platforms Inc META.O
and Snap Inc SNAP.O are reporting slowdowns in spending amid
cost of living crises and fears of a recession
** At least three brokerages raise their PT on the stock
after results
** J.P.Morgan says this highlights the ability of smaller
companies to move quickly, relative to large organizations like
GOOGL & META who will likely take longer to cut costs
** If gains hold, stock set for best day since Aug. 25
** PINS down 40% YTD versus 71% slump in META and nearly 80%
fall in SNAP shares
(Reporting by Medha Singh)
((medha.singh@thomsonreuters.com))