The 30% increase in active users of Pinterest with delayed Easter this year has been pushed by international and US growth, the Company Said.
Pinterest Inc. raised its full-year sales forecast and reported second-quarter revenue above Wall Street estimates on Thursday, as the online scrapbook company added more users, sending its shares up 12% in extended trade.
The company said that monthly active users increased by 30% in the quarter to 5 million worldwide, significantly higher than expected, and the Global average revenue per user increased from 27.5% to 88 cents.
"These numbers show the power of the Pinterest platform and the fast adoption of both customers and advertisers," said Colin Sebastian, an analyst at Baird Equity Research.
The result was driven by a combination of international and U.S. growth and was also positively impacted by the delayed Easter this year, the company said.
"Pinterest investors have reached exactly what they were looking for," said James Cordwell, an analyst with Atlantic Equities.
The San Francisco, California-based company said it expects 2019 revenue between $1.095 billion and $1.115 billion, compared with its prior forecast of $1.055 billion to $1.08 billion.
According to Refinitive's IBES data, total revenue for the second quarter rose by 62% to $ 261 million, up from analysts' $ 235.5 million estimates.
Shares of Pinterest, the largest high-end social media company listed in the US since Snap Inc., have risen nearly 50% since the initial public offering in April 2017.
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