Pinterest Inc. overcame a difficult online-ad environment to increase revenue more than expected and break a streak of sequential user declines in the first quarter, sending its shares soaring in after-hours trading Wednesday.
“Despite a challenging macroeconomic and geopolitical environment, we grew revenue 18% year over year,” Chief Executive Ben Silbermann said in a statement. Pinterest makes money from online advertisements on its core online-scrapbooking product, a business that has shown cracks in recent months as Apple Inc. AAPL, -0.15% instituted new privacy measures and some companies have cut back on their marketing spending. Shares have dropped nearly 50% so far this year, declining 48.6% as the S&P 500 index SPX, +0.21% has fallen 12.4%.
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