Here's Why Pinterest Stock Was Up 42% in October
Shares of Pinterest (NYSE: PINS) were up 42% in October, according to data provided by S&P Global Market Intelligence. Two big events triggered the outsized monthly return: First, investors became increasingly optimistic for Pinterest's prospects after Snap reported strong results for its quarter. Then, a week later, Pinterest confirmed the optimism by posting blowout results of its own.
After the market closed on Oct. 20, Snap reported earnings that topped analyst expectations. Since the company's revenue is ad-based, it was a clear signal to investors that advertising spending was on the rise. Pinterest stock popped on Snap's results in anticipation of Pinterest's third-quarter results.
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