Pinterest, Inc. (PINS), a company providing visual discovery services in the United States and internationally, has increased 3.80% in aftermarket trading session and consequently was trading at $45.30 when last checked. The surge is attributable to the strong quarterly performance of the company. On Thursday, PINS closed the day at $43.64 after declining 2.335 in the mid-day session.
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Why is PINS Stock Increasing?
In the late hours of Thursday, PINS reported the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company had cash and cash equivalents of $1.23 billion on 30th September. The company generated total revenue of $632.93 million during the quarter against $442.61 million for the same period of 2020. The total costs and expenses for the period were $534.48 million against $539.64 million for the same period of 2020. The company generated net income of $93.99 million (or net income of $0.15 and $0.14 per basic and diluted share respectively) during the quarter against the net loss of $94.22 million (or net loss of $0.16 per basic and diluted share) for the same period of 2020.
Ben Silbermann, CEO, and co-founder, PINS, while commenting on the results said that the company is extremely pleased with its financial performance. He hoped that in the coming quarters, the company would be able to build upon this performance and achieve more success with regards to its financial status.
Launch of Indian Campaign
On 26th October, PINS announced the launch of its “Pass on the Light” campaign featuring exclusive content from Indian creators and brands. The content is part of its first Creator Originals series in India. The campaign would include specially created idea pins and interactive experiences which in turn would help the users of Pinterest to bring festive ideas to celebrate with family and their loved ones. The company is also highlighting a selection of NGO’s as part of the campaign.
Despite recent successes, the last few months have not been belligerent with regards to PINS stock. It has declined more than 25% during the last three months due to some prevalence of some negative sentiments. But being a gigantic entity, the company is expected to make a strong comeback in the stock market in near future.