Pinterest beats earnings and partners with Amazon for ads, but stock drops.
Pinterest has announced a multiyear strategic ad partnership with Amazon, making it the first partner on third-party ads. The partnership will bring more brands and relevant products to Pinterest's platform, potentially offering consumers a more seamless buying experience. Pinterest beat Q1 revenue and earnings, with revenue up 5% YoY to $603m, ahead of $598m expected, and adjusted EPS of $0.08 versus $0.02 expected. Despite the earnings beat, Pinterest stock dropped 6% on higher Q2 costs.