As we mentioned in our piece earlier outlining today’s trending tickers, Pinterest and Cloudflare are interesting stocks to watch today in the US.
Cloudflare is so far up almost 25% in early trade in the US today. The moves come after revenue came in at $362.5m for the quarter, an increase of 32% year-over-year. Full-year 2023 revenue was $1.3bn. The company also released forecasts for its first quarter revenue at $372.5-$373.5m, beating Wall Street expectations.
Meanwhile, Pinterest saw its revenue for the fourth quarter come in at $981m with 12% year-on-year growth. Monthly active users jumped to 498 million with 11% year-on-year growth.
Following the results, the stock was trading almost 28% lower due to revenue sailing below expectations, but picked up after news of a partnership deal with Google announced on the company’s earnings call. CEO Bill Ready told analysts the company had begun to roll out a new ad integration which will focus on monetising “under-monetised” markets.
“We went live a couple of weeks ago, and this is starting to ramp up. Third-party ad demand is scaling as we anticipated,” said Ready.
It’s down almost 11% in early trade.
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