When Pinterest Inc. (NYSE: PINS) released its second-quarter financial results after the markets closed on Thursday, the social media firm said that it had a net loss of $2.62 per share and $261.25 million in revenue. The consensus estimates had called for a net loss of $0.08 per share and $235.53 million in revenue. In the same period of last year, it posted a net loss of $0.30 per share and $161.19 million in revenue.
It’s worth pointing out that the net loss for the quarter is largely due to the initial public offering that occurred during the quarter.
Monthly active users (MAUs) hit 300 million during the second quarter, and management continued to focus on improving Pinners’ experience to drive future user growth and engagement. Accordingly, management made Pinterest more personal by improving search recommendations and more useful by adding more video content and shoppable products.
Looking ahead to the full year, the company expects to see total revenue in the range of $1.095 billion to $1.115 billion and adjusted EBITDA loss of $50 million to $25 million. Consensus estimates call for a net loss of $0.21 per share and $1.08 billion in revenue for the year.
Ben Silbermann, Pinterest CEO, commented:
We constantly aim to make Pinterest more personal, relevant and useful to our users. Our MAUs hit 300 million at the end of Q2 as we built and expanded products to support this vision. We also continued to grow and diversify our advertiser base and improve advertisers’ ability to measure the effectiveness of their ad spend. This is part of our larger and ongoing effort to create value for businesses on Pinterest.
Shares of Pinterest traded early Friday at $32.60, up more than 15% on the day and in a 52-week range of $23.05 to $35.29. The consensus analyst price target is just $28.29.