Pinterest stock soars 24% as Q4 results beat expectations, outlook in line
Image sharing service Pinterest this afternoon reported Q4 revenue and profit per share that beat Wall Street's expectations, and an outlook for revenue growth that was in line with consensus.
The report sent Pinterest shares soaring by 25% in late trading.
CEO and co-founder Ben Silbermann remarked that the company "took important steps in 2021 with the launch of our foundational technology to deliver a video-first publishing platform."
Added Silbermann, "I'm proud to say that for the first time, we surpassed $2 billion in revenue for the year — growing 52% over the previous year — and reached our first full year of GAAP profitability."
Added Silbermann, "As we look ahead to 2022, we plan to further invest in our business as we scale the distribution of Idea Pins through our creator-led content efforts and enhance our core Pinner experience and shopping to make Pinterest the destination for inspiration and action on the internet."
Revenue in the three months ended in December rose 20%, year over year, to $847 million, yielding a net profit of 49 cents a share.
Analysts had been modeling $827 million and a net profit of 45 cents per share.
Pinterest's monthly average users dropped 6%, year over year, to 431 million, the company said. That compares to consensus for 448 million. The decline was largest in the U.S., where users declined 12% to 86 million.
For the current quarter, the company said it expects revenue to rise "in the high teens percentage range year over year." That is in line with consensus for 18% growth, or $573 million.