(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