Shares were up as much as 23% to $40.98 Wednesday afternoon in New York, the biggest intraday increase since October 2020.
Pinterest gained the most in more than three years after the company reported first-quarter sales and user growth that surpassed Wall Street’s expectations, bolstered by a push into shopping and a focus on Gen Z users. “We have really leaned into creating a more positive environment relative to the toxicity that Gen Z experiences on much of the rest of social media,” Chief Executive Officer Bill Ready said in an interview.
San Francisco-based Pinterest has been investing heavily in its digital advertising business, striking partnerships with Amazon.com and Alphabet’s Google to help fill inventory and offering more targeted, direct-response ads. Those can be more lucrative than other kinds of marketing because they push users to click on promotions or purchase items rather than just passively raising brand awareness.
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