Pinterest stock up 4.91% on strong fourth quarter results

The shares of Pinterest Inc. PINS are trading higher by 4.91% to $28.01 Thursday morning, in sympathy with Meta Platforms Inc., which reported strong fourth-quarter results. Meta Platforms reported better than expected fourth-quarter revenues, cut its FY 23 expense outlook and announced a $40 billion increase in buyback authorization on Wednesday. DAUs increased 4% year over year.

Meta Platforms reported fourth-quarter revenue of $32.17 billion, down 4% year-over-year. The revenue figure came in ahead of the Street estimate of $31.53 billion, according to data from Benzinga Pro.

Meta Platforms reported fourth-quarter earnings per share of $1.76, missing a Street estimate of $2.22. The company said earnings per share would have been $1.24 higher without restructuring charges in the fourth quarter.

The company ended the fourth quarter with 2.96 billion daily active. There is a 52 week low of $16.14 and 27 days and a 52 week low of $16.14.