Why Pinterest Stock Is Up 19% Through the First Half of the Year
After crashing during the coronavirus sell-off in March, shares of Pinterest (NYSE: PINS) bounced back and finished the first half of the year up 19%, according to data from S&P Global Market Intelligence. While the company's advertising business has been challenged by the crisis, investors have enthusiastically returned to growth stocks like Pinterest, believing that the crisis will accelerate a shift in advertising spending to digital platforms like the virtual pinboard. The stock jumped on Jan. 14 when eMarketer said it passed Snapchat to become the third-biggest social media app in the country, finishing 2019 with a projected 82.4 million users in the U.S. The research firm also predicted that the gap between the two apps would widen over the coming years, with Pinterest reaching 90.1 million domestic users by 2022.
