Pinterest (Pinterest (PINS)) reported its first-quarter results after the bell on Monday, and the numbers were better than Wall Street had anticipated. The stock popped nearly 19% in after-hours trading, hitting $24.81 at publication time.
The idea discovery platform posted revenue of $1.01 billion for the quarter, beating the analyst consensus of $966.25 million. On an adjusted basis, Pinterest earned 27 cents per share, topping the 23-cent estimate. Total revenue was up 18% year-over-year.
Pinterest's user base continues to grow. Global monthly active users reached 631 million, an 11% increase from a year ago. Average revenue per user was $1.61 globally and $7.12 in the U.S. and Canada.
The company generated $328 million in net cash from operations during the quarter, with free cash flow of $312 million. It ended the period with about $378.1 million in cash and cash equivalents.
CEO Bill Ready highlighted the company's momentum, saying, "Pinterest is where online discovery leads to real-world action, and we're seeing continued momentum driven by our differentiated visual search product experiences." He added, "As we continue building an AI-powered ads platform that delivers performance for advertisers, we remain focused on ensuring monetization more fully reflects the strength of our engagement."
Looking ahead, Pinterest expects second-quarter revenue in the range of $1.13 billion to $1.15 billion, above the $1.11 billion analysts were looking for. The company also guided for adjusted EBITDA between $256 million and $276 million in the current quarter.
Pinterest executives will discuss the results and guidance on an earnings call at 4:30 p.m. ET.
