“Pinterest is a highly strategic business with significant potential for growth, and our conviction in the value-creation opportunity at Pinterest today has led us to become the company’s largest investor,” Elliott Managing Partner Jesse Cohn and Senior Portfolio Manager Marc Steinberg said in a statement. told the company that it had become its largest investor, according to The Wall Street Journal, and Elliott confirmed its investment Monday afternoon with a news release. “We accelerated our investment in shopping and e-commerce this quarter, and I am thrilled by the dedication of our leaders and employees to continue to build a positive place on the Internet.”Ī couple of weeks later, activist investor Elliott Management Corp. “Pinterest achieved 9% revenue growth year over year in Q2, or 10% revenue growth on a constant currency basis, despite the uncertainty facing our advertisers,” Ready said in a statement Monday. Opinion: Pinterest’s new CEO faces rough road in getting users to buy instead of just pinning SNAP,Īnd Facebook parent Meta Platforms Inc. Many analysts took the move as a signal to Wall Street that Pinterest was trying to shift its focus to becoming a stronger player in e-commerce instead of relying on online advertising, a business that has been slammed so far in 2022 with rivals like Snap Inc. Just as the quarter was about to end, co-founder Ben Silbermann stepped down as chief executive and was replaced by Bill Ready, a former Alphabet Inc.Įxecutive who has long been focused on e-commerce. Pinterest shares jumped more than 20% in after-hours trading following the release of the results, after closing with a 2% increase at $19.87. Analysts on average expected adjusted earnings of 18 cents a share on sales of $665 million, according to FactSet.
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