Pinterest delivers first earnings report as a public company

Pinterest (NYSE: PINS) shared impressive first-quarter financials on Thursday after the closing bell in what was its first earnings report as a public company.

The digital pinboard went public in April, rising 25 percent during its first day trading on the New York Stock Exchange. Pinterest’s public market performance has continued to stay in the green, closing up about 8 percent Thursday at nearly $31 per share for a market cap of $16.7 billion.

The company, led by co-founder and chief executive officer Ben Silbermann, posted revenues of $202 million on losses of $41.4 million for the three months ending March 31, 2019. This surpassed Wall Street estimates of about $200 million in Q1 revenue on an adjusted loss of 11 cents per share and is an increase from revenues of $131 million in Q1 2018 on losses of $52.7 million.

Pinterest in April sold 75 million Class A shares in an initial public offering that raised $1.4 billion. The IPO gave the company a fully diluted market cap of $12.6 billion, a figure slightly larger than its Series H valuation of $12.3 billion. This was amid concerns the company would see a slighter smaller valuation upon its IPO and gain the unseemly title of “undercorn.”

Pinterest previously disclosed revenues of $755.9 million in the year ending December 31, 2018, up from $472.8 million in 2017. Losses, meanwhile, shrank to $62.9 million last year from $130 million in 2017.

Pinterest post-IPO performance and earnings report comes in stark contrast to both Lyft and Uber’s treatment on their respective stock exchanges. Lyft, for its part, has fallen since its IPO despite an initial pop of 21 percent. In its first-ever earnings report as a public company, released last week, posted first-quarter revenues of $776 million on losses of $1.14 billion, including $894 million of stock-based compensation and related payroll tax expenses. The company‚Äôs revenues surpassed Wall Street estimates of $740 million while losses came in much higher as a result of IPO-related expenses.

Uber suffered through a catastrophic IPO last week only to continue falling in the days since. The ride-hailing giant was previously valued at $72 billion by venture capitalists on the private market. It priced its stock at $45 a share for an $82.4 billion valuation last week. The company closed Thursday trading at about $43 per share for a market cap of $72.5 billion.

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