US pre-market update: Pinterest share price on a rally, Starbucks, PayPal, AMD to report earnings & more

Pinterest q2 2022 earnings
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Weak Quarterly Results

  • Pinterest share price spiked despite weak earnings after Elliot management confirmed being the largest shareholder in it.
  • Revenue rose 9% on-year to $666 million and net loss came in at $43 million, below analysts’ estimates.
  • Pinterest attributed poor results to weak online advertising demand like Snap, Meta and Twitter.
  • Global monthly active users fell 5% on-year to 433 million, still ahead on analysts’ estimates.
  • It estimates third-quarter revenue to grow in single digits on year, much below 12.7% estimated.
  • Analysts have maintained their ‘Neutral’ rating but have lowered the target share price to $18-$28.

How will US stock market open today?

  • Stock futures indicate a negative opening for US stock market ahead of earnings from major companies.
  • Despite a strong market rebound in July, many investors are convinced the pain is over.
  • Activision Blizzard reported strong quarterly results and Microsoft’s $68.7 billion acquisition will be a focus in the earnings call.
  • Starbucks, PayPal, Caterpillar, AMD to report quarterly earnings today.
  • Oil prices continue their downtrend on fears of sluggish demand amid weak manufacturing data from several countries.
  • Why did Pinterest share price rise?

  • Which companies will report earnings today?

  • Why are crude oil prices falling globally?

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