Pinterest Inc. (PINS) shares surged 3.80% in after-hours on Thursday, November 04, 2021, and closed the daily trading at $45.30. However, in the regular trading session, PINS’ stock lost 2.33%. PINS shares have fallen 28.98% over the last 12 months, and they have moved down 4.32% in the past week. Over the past three months, the stock has lost 25.76%, while over the past six months, it has declined 27.10%.
Let’s have a brief look at its recent news and developments.
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PINS recent financial results announcement
On November 04, 2021, Pinterest, Inc. (PINS) announced its financial results for the quarter ended September 30, 2021.
Q3 2021 financial highlights
- PINS reported total revenue of $632.9 million in Q3 2021, compared to $442.6 million in Q3 2020.
- The total cost of revenue was $126.8 million in Q3 2021 compared to $112.8 million in Q3 2020.
- Total cost and expenses were $534.5 million in Q3 2021 compared to $539.6 million in Q3 2020.
- It earned a net income of $94.0 million in Q3 2021 compared to a net income of $94.2 million in Q3 2020.
- Adjusted EBITDA was $201.5 million in Q3 2021 compared to $93.04 million in Q3 2020.
PINS Pass on the Light campaign
On Oct. 27, 2021, Pinterest, Inc. (PINS) launched its “Pass on the Light” campaign featuring exclusive content from Indian creators and brands such as Virat Kohli, Manish Malhotra, and Asian Paints as part of its first Creator Originals series in India. The “Pass on the Light” campaign includes specially created Idea Pins as well as interactive experiences to help Pinners bring festive ideas to life for celebrating with family and loved ones.
Update about PayPal interest in PINS
On October 25, 2021, PayPal Inc said it is not pursuing an acquisition of Pinterest Inc at this time after several media reported last week that it was in talks to buy the digital pinboard site for as much as $45 billion.
The Pinterest stock went up after the speculations that PayPal is looking to acquire the company. Both companies did not respond to further requests for comment.
PINS new products suite
On October 25, 2021, Pinterest (PINS) introduced a new suite of creator and Pinner products and experiences globally. Pinterest introduced the new products alongside creators from countries including the UK, Germany, France, Japan, and Colombia.
The new features empower creators to publish high-quality content that drives meaningful engagement with their communities and pays them for their inspiring content. These new experiences offer Pinners more ways to watch, make and shop creator content.
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Conclusion
The improved financial results were the reason behind its turnaround in the after-hours on Thursday and we can expect it to close the weekly trading on a positive note as well.