Shares of Pinterest (NYSE: PINS) jumped 22.5% this week, according to data from S&P Global Market Intelligence. The photo, activity, and shopping social media company reported second-quarter earnings, which investors took positively. After the close on Aug. 1, Pinterest reported its financial results for the three months ending in June.
With Pinterest's (NYSE: PINS) niche focus on creativity and inspiration, investors believed Pinterest would face similar struggles. Pinterest's quarter was strong, highlighted by robust advertising demand on its platform around the world. Shares surged nearly 20% after the company reported earnings on Aug. 1.
Pinterest's (NYSE: PINS) stock price soared 21% during after-hours trading on Aug. 1 following its second-quarter earnings report. Pinterest's headline numbers looked grim, but its guidance for "mid-single-digit" year-over-year revenue growth in the third quarter allayed some fears about a deeper near-term slowdown. Elliott Management, the activist investing firm that took a 9% stake in Pinterest in June, also said it had increased that stake again (to an undisclosed percentage) to become its single-largest shareholder.