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Ad rebound drives Pinterest revenue beat; shares surge

(Reuters) – Image sharing company Pinterest Inc (PINS.N) said advertising demand began to improve in May as it reported better-than-expected quarterly results, sending its shares nearly 28% higher.

FILE PHOTO: Screens display the company logo for Pinterest Inc. during the company’s IPO on the front of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2019. REUTERS/Brendan McDermid

More people turned to Pinterest’s platform for content to keep themselves entertained during coronavirus lockdowns, leading to a 39% jump in monthly active users to 416 million in the quarter, beating estimates of 372.7 million.

In a post-earnings call, Chief Financial Officer Todd Morgenfeld said the ad boycott on Facebook’s (FB.O) platform gave Pinterest “an opportunity to win some budgets and educate advertisers about how and why Pinterest is different.”

Ad spend recovered from a slump since mid-March as economic activity resumed following the easing

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Nokia shares jump after cull of low-margin business sees earnings beat

HELSINKI/STOCKHOLM (Reuters) – Finnish telecom network equipment maker Nokia reported an unexpected rise in second-quarter underlying profit on Friday as it took on less low-margin business particularly in China, sending its shares up 13% in early trade.

FILE PHOTO: The logo of Nokia is seen before the company’s news conference in Espoo, Finland March 2, 2020. Lehtikuva/Markku Ulander via REUTERS

Cutting less-profitable service business and not winning 5G radio deals in the cut-throat Chinese market helped Nokia, where new Chief Executive Pekka Lundmark takes over this weekend, upgrade its earnings outlook for 2020.

“We do not mind trading poor revenue which doesn’t have high quality margin for better revenue,” outgoing chief executive Rajeev Suri told Reuters.

Nokia said its underlying earnings in April through June rose to 0.06 euros per share from 0.05 euros a year ago, beating the 0.03 euros consensus in a Refinitiv poll.

Nokia, which had warned

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Tesla battery supplier LG Chem shares jump 10% on upbeat outlook

SEOUL (Reuters) – LG Chem, an electric vehicle battery supplier for Tesla, Volkswagen (VOWG_p.DE) and others, said on Friday it expects profitability in its battery business to rise in the second half, helping shares surge nearly 10%.

“Sales are expected to grow and profitability is expected to remain robust thanks to greater EV shipments for European automakers and increased sales for cylindrical EV batteries,” LG Chem said.

The company did not mention Tesla, but it supplies small cylindrical-type batteries for the carmaker’s China models.

LG Chem’s energy solutions division, which makes batteries for smartphones and cars, swung to an operating profit in the second quarter, partly due to improved productivity at its Poland factory which caters to European customers like Volkswagen and Audi.

LG Chem said its factory utilization rates have normalized starting May after the coronavirus outbreak had led to temporary factory suspensions at automakers in the

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Amazon second-quarter sales beat estimates, shares rise

FILE PHOTO: The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, April 22, 2020 after Amazon extended the closure of its French warehouses until April 25 included, following dispute with unions over health protection measures amid the coronavirus disease (COVID-19) outbreak. REUTERS/Pascal Rossignol/File Photo

(Reuters) – Amazon.com Inc (AMZN.O) beat Wall Street estimates for quarterly revenue on Thursday and forecast current-quarter sales above expectations as the coronavirus crisis drove a surge in shopping on its platform and boosted demand for its cloud services.

Shares of the company, which have surged about 65% this year, were up 4% at $3,177.75 in extended trading.

Online retailers have seen a spike in demand as stay-at-home orders due to the COVID-19 pandemic resulted in less brick-and-mortar shopping.

The company forecast net sales of $87 billion to $93 billion for the third quarter. Analysts on average were

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