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Information Technology : Technology Hardware, Storage & Peripherals | Large Cap Blend
Company profile

Apple Inc. designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players. The Company sells a range of related software, services, accessories, networking solutions, and third-party digital content and applications. The Company's segments include the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. The Americas segment includes both North and South America. The Europe segment includes European countries, India, the Middle East and Africa. The Greater China segment includes China, Hong Kong and Taiwan. The Rest of Asia Pacific segment includes Australia and the Asian countries not included in the Company's other operating segments. Its products and services include iPhone, iPad, Mac, iPod, Apple Watch, Apple TV, a portfolio of consumer and professional software applications, iPhone OS (iOS), OS X and watchOS operating systems, iCloud, Apple Pay and a range of accessory, service and support offerings.

Premarket

Last Trade
Delayed
$128.65
1.51 (1.19%)
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Closing Price
$127.14
Day's Change
0.00 (0.00%)
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Volume
(Light)
Volume:
203,344

10-day average volume:
107,449,084
203,344

Surge in pandemic Pinterest users continues, stock jumps more than 20% toward more record highs

4:23 pm ET October 28, 2020 (MarketWatch)
Print

By Jeremy C. Owens

Pinterest thrashes earnings estimates while adding another 26 million active users, shares head for big gains after earnings for a second consecutive quarter

Pinterest Inc. continued to experience a surge in new users during the COVID-19 pandemic to bigger profit and revenue growth than expected this summer, according to a Wednesday earnings report that sent shares on another ride toward fresh record highs.

Pinterest (PINS) reported a third-quarter loss of $94.2 million, or 16 cents a share, on revenue of $442.6 million, up from $280 million a year ago. After adjusting for stock-based compensation and other factors, the company reported earnings of 13 cents a share, up from adjusted earnings of a penny a share a year ago. Analysts on average expected adjusted earnings of 4 cents a share on sales of $383 million.

Pinterest shares jumped more than 20% in after-hours trading following the report, after closing with a 7.1% decline at $48.78. Shares were topping $60 in the extended session; Pinterest shares have never traded for higher than $53.87 in regular trading.

Pinterest shares have more than doubled to record highs since the social-media company's last earnings report, which predicted much higher revenue and user growth than previously expected (https://www.marketwatch.com/story/pinterest-stock-rockets-35-after-covid-19-drives-huge-surge-in-user-growth-2020-07-31). The online-advertising market seems to have found strength despite the COVID-19 pandemic, as strong third-quarter financial results last week from Snap Inc. (SNAP)sent stocks in ad-supported companies higher across the board (https://www.marketwatch.com/story/snap-roars-30-higher-to-record-50-billion-valuation-brings-twitter-and-facebook-along-for-the-ride-11603297510). More earnings are expected Thursday afternoon from online-ad powerhouses Facebook Inc. (FB), Alphabet Inc. (GOOGL)(GOOGL) and Twitter Inc. (TWTR)

Pinterest's big surge on the stock market was also attributed to an unexpected explosion in users on the company's service, which is similar to an online scrapbook. In late July, Pinterest reported that monthly active users had jumped to 416 million, up from 367 million the quarter before. Analysts had expected Pinterest to add about 12 million new users in the quarter.

In Wednesday's report, Pinterest revealed a monthly active user count of 442 million, up 26 million from the previous quarter. Analysts on average expected Pinterest to report more than 436 million users, after the previous quarter's additions led to increased expectations.

Pinterest stock has gained 165% so far this year, and more than 106% in the past three months, as the S&P 500 index has gained 5% and 5.4% in those periods.

-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 28, 2020 16:23 ET (20:23 GMT)

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