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FILE PHOTO: Displays display the logo of the company Pinterest Inc. during its IPO on the front of the New York Stock Exchange (NYSE) in New York, United States, April 18, 2019. REUTERS / Brendan McDermid
(Reuters) – Pinterest Inc (PINS.NThursday posted second-quarter revenue higher than Wall Street estimates, with the online scrapbooking company adding more and more active users per month, pushing its shares up by 13% in extended trading.
According to Refinitiv's IBES data, the company said that the number of monthly active users increased by 30% during the quarter to reach 300 million people, exceeding the estimated 291.4 million.
Pinterest has also raised its revenue forecast for 2019 and now expects them between $ 1.095 billion and $ 1.115 billion, compared to the previous forecast of $ 1.055 billion to $ 1.08 billion.
Global average revenue per user has increased 27.5 percent to 88 cents, the company said.
"Our performance was driven by a combination of international and US growth and was also positively influenced by the later Easter schedule (in 2019) compared to 2018," the company said in a statement.
Pinterest shares have increased by about 50% since the IPO in April.
Total revenue for the quarter increased 62% to $ 261 million from badysts' estimates of $ 235.5 million.
Report by Akanksha Rana in Bengaluru; Edited by Shinjini Ganguli
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