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Pinterest Surges in Rally on Users, Elliott as Top Holder

  • Company says revenue will increase ‘mid-single digits’
  • Elliott confirms stake; backs social media site’s new CEO
Pinterest Illustrations Ahead Of Earnings Figures
Photographer: Gabby Jones/Bloomberg
Updated on

Pinterest Inc. jumped after reporting resilient sales and user numbers and Elliott Investment Management confirmed a major stake, saying it approved of the company’s leadership. Shares gained about 20% in extended trading.

The company said it had 433 million monthly active users at the end of the second quarter on June 30, about the same as in the previous period, but a 5% decline from a year earlier. Still, the numbers were greater than analysts projected. The site gained users during the early part of the pandemic as people stayed home but has had trouble retaining that growth.