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Pinterest shares weaken despite upgrade on improving margins

Investing.com -- Pinterest Inc (NYSE:PINS) shares were falling on Wednesday after the social media platform beat expectations for the recent quarter.

Rosenblatt Securities upgraded the stock to Buy from Neutral after the earnings report, saying it is “leaning into building better ad tools and employing better AI engines,” as are competitors. 

Shares of Pinterest were down 3.9% in afternoon trading. They are up 15% so far this year.

Rosenblatt called out Pinterest for boosting margins substantially, saying its non-GAAP cost of sales is down for three quarters in a row to 23% of sales in the second quarter. Operating expense is seen rising only low single digits percents in the third quarter compared with last year, the firm said. 

“Under new CEO Bill Ready and CFO Julia Donnelly this company is finding synergies that more than fund investments."

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