JUMP REPORT

Pinterest (PINS) closed at $45.32 in the latest trading session, marking a -1.09% move from the prior day.

Social media company Snap reported third-quarter results late Tuesday that smashed revenue estimates by a wide margin and also beat on earnings. Snap stock soared to a record high.

(Bloomberg) — Social media stocks rallied in extended trading after Snap reported third-quarter revenue and daily active users that beat analysts’ expectations.Pinterest Inc. gained as much as 7.6% while Facebook Inc. and Twitter Inc. each rose more than 3%.Snap’s shares surged as much as 20% in post-market trading after announcing quarterly revenue that jumped 52% to $678.7 million, far exceeding the highest analyst estimate of $606 million. Snapchat had 249 million daily active users in the quarter, compared with the 244.6 million average projection in a Bloomberg survey.Pinterest, which said today that it added media industry veteran Salaam Coleman Smith to its board of directors, is next to report earnings on Oct. 28. Facebook and Twitter release quarterly results the following day.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

(Bloomberg) — Pinterest Inc. has added media industry veteran Salaam Coleman Smith to its board of directors, further diversifying the leadership group after employee claims of racial and gender bias.Smith was a former top executive at Walt Disney Co.’s ABC Family and was former president of Comcast NBCUniversal’s Style Media. She will join the board Oct. 31, becoming the second female — and second woman of color — Pinterest has added as a director since former Chief Operating Officer Francoise Brougher sued the company in early August, claiming she was fired after speaking up about gender discrimination. Two other former employees also alleged racial discrimination and pay discrepancies earlier this year.“I’ve benefited from strong mentors and workplace cultures and recognize how important it is for all employees to feel championed and heard,” Smith said in a statement. “Through my work on the board, I look forward to helping shape how Pinterest cultivates and supports its incredible talent.”Smith and Pinterest Chief Executive Officer Ben Silbermann also said that her media experience would help Pinterest attract more creators to its service. When Smith joins the board, four of the company’s 10 directors will be women.Silicon Valley tech companies have long been dominated by White, male leaders. Many in the industry have made a more concerted effort to diversify their workforces, and companies like Facebook Inc. and Alphabet Inc.’s Google now share annual diversity reports about the racial makeup of their employees. In its most recent diversity report, Pinterest said as of 2019 89% of its U.S. employees and 94% of the leadership were White or Asian, and 75% of its global leadership was male.In August, following Brougher’s lawsuit, hundreds of Pinterest employees staged a virtual walkout demanding changes and transparency about how the company retained and promoted employees of color. An independent review of Pinterest’s workplace culture is ongoing, a company spokesman confirmed.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Pinterest, Inc. announced today it has appointed Salaam Coleman Smith, former Executive Vice President of Programming and Strategy at Disney’s ABC Family and Freeform and former President of Comcast NBCUniversal’s Style Media, to its Board of Directors effective October 31, 2020.