Pinterest reported first-quarter revenue of $1.01 billion. This figure represents 18% year-over-year growth. Monthly active users reached a record 631 million. The company also completed a $2 billion share repurchase program, which significantly reduced the share count.
Management issued an upbeat revenue forecast for the second quarter. This guidance signals resilient demand from advertisers.
Pinterest announced the $465.1 million acquisition of tvScientific. This strategic move expands the company's advertising business into the connected TV (CTV) market to tap into larger brand budgets.
Pinterest shares rose approximately 15% following the report. Analysts at Wells Fargo and Mizuho subsequently raised their price targets for the stock.