Pinterest shares surged in extended trading after the initial reports on Elliott buying in, as investors bet on the activist forcing change at the company, or potentially reviving reported merger talks with PayPal.
Pinterest Inc. missed expectations for earnings and guided for revenue lower than analysts expected in the current quarter, but shares still spiked in after-hours trading as users stuck around in a quarter that led to sudden change and attracted an activist investor.
Just as the quarter was about to end, co-founder Ben Silbermann stepped down as chief executive and was replaced by Bill Ready, a former Alphabet Inc. GOOGL, -1.26% GOOG, -0.99% and PayPal Inc. PYPL, +2.35% executive who has long been focused on e-commerce.
“We’ve had a very collaborative and engaged dialogue with Elliott recently,” Ready said on a conference call Monday. “They’re aligned with our vision of what Pinterest can become are supportive of our team and our efforts, and see the same tremendous potential for long term value creation that I do.”
For the third quarter, executives guided for revenue to “grow mid-single digits on a year-over-year percentage basis” in the third quarter. Analysts on average expected third-quarter adjusted earnings of 16 cents a share on sales of $710 million, according to FactSet, which would equal 12% revenue growth from the year before.
Chief Financial Officer Todd Morganfeld was more specific, saying “We will be even more strategic and selective in our hiring plans for the remainder of 2022,” while adding caution to Pinterest’s revenue guidance and warning that user growth could be slight the rest of the year.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Pinterest Climbs on User Numbers and Elliott Investment Even as Financials DisappointPinterest shares jumped after the company’s user numbers surpassed analysts’ estimates in a gloomy quarter for social media.
Baca lebih lajut »
‘Top Chef’ Season 20 to Film in London, Feature All-Stars From Around the WorldFor the first time, Bravo’s Emmy-winning “Top Chef” will film entirely internationally, with its upcoming 20th season starting production later this month in London. The show&821…
Baca lebih lajut »
Disneyland has been raising food prices. Blame inflationDisneyland patrons are having to spend even more once they walk through the park gates, with prices on food and drink items rising by as much as 12% over the last two years.
Baca lebih lajut »
![‘Little Miss [Blank]’: How a kid-book meme became viral comedy](https://i.headtopics.com/images/2022/7/31/washingtonpost/little-miss-blank-how-a-kid-book-meme-became-viral-comedy-1553682940831350784.webp?w=640)
‘Little Miss [Blank]’: How a kid-book meme became viral comedyWhat began as an innocent tickle a half-century ago is now providing the art for infectiously darker laughter.
Baca lebih lajut »
Pinterest's new app is here to help you slap together and share a mood boardThe app is a product of Pinterest’s TwoTwenty team
Baca lebih lajut »
Texas mom Christina Powell: Longtime medical examiners weigh in as questions swirl about woman's deathThe missing Texas mom of two who disappeared on July 5 after she was seen leaving her San Antonio home was found dead nearly three weeks later, loved ones and cops confirmed.
Baca lebih lajut »