Pinterest reached a 13% jump increase just on Tuesday after hours, that beat the expectations of analysts.
With this, Pinterest says that it has expectations to gain up to of $269 million to $272 million in its first quarter, although these proffered estimates have not been updated to be in sync with the current coronavirus pandemic, to see whether or not it would have a positive or negative impact on the business. A FactSet survey of analysts who did update numbers in the past month put estimated revenue at $252 million, a number that Pinterest did beat hands down.
“First-quarter revenue performance was consistent with our expectations through the middle of March, when we began to see a sharp deceleration. Fortunately, despite weakness across nearly the entire advertising market, our exposure to some of the most affected segments like travel, automotive, and restaurants has not been significant,” said the company.
However, their first quarter earnings would be reported by the 5th of May. Pinterest did say it ended the quarter with $1.7 billion in cash, cash equivalents and marketable securities, no financial debt and an undrawn $500 million revolving credit facility.
“In light of the rapidly evolving and unpredictable effects of COVID-19, Pinterest is currently not in a position to forecast the expected impact of COVID-19 on its financial and operating results for the remainder of 2020. As the COVID-19 pandemic has continued to unfold, it has impacted Pinterest’s advertising revenue globally,” the company said in a press release.