Friday's Moving Stocks: Pinterest, Match, and Cleveland-Cliffs
In the communications sector, when Snap (SNAP) posted earnings on April 29, shares slumped. Conversely, Pinterest (PINS) is today’s biggest moving stock.
In the first quarter, Pinterest posted revenue of $854.99 million, up by 15.5% Y/Y. The firm reported 570 million active users. In Q2, the company is expecting revenue of $960 million to $980 million, or 12% to 15% Y/Y growth. PINS stock will open up by around 15% this morning.
Pinterest posted GAAP net income of $9 million. However, the adjusted EBITDA was $172 million. The business generated $356 million in free cash flow.
After losing 9.58% on Thursday, Match Group (MTCH) might try to rebound to $30.00. A share buyback program should help the stock. The firm reported revenue falling by 3.3% Y/Y to $831.17 million. Payers fell to 14.2 million in Q1, or down by 5% Y/Y. The company will need to lower its stock-based compensation if it wants to cut costs to match the weaker online dating market.
Iron ore producer Cleveland-Cliffs (CLF) closed at $7.15, down by 15.78% on Thursday. The business lost $0.92 a share (non-GAAP). Revenue fell by 11.0% Y/Y to $4.63 billion.
Fortunately, the company did not buy U.S. Steel (X), which would have hurt its results and damaged its balance sheet.
