Tech startups Pinterest, Zoom soar in Wall Street debut

Mae Love
April 20, 2019

While investors did see one sell-side analyst suggest sentiment on Pinterest ahead of the IPO, the Street is often in the dark when it comes to opinions for an IPO.

Two heavyweight United States technology companies soared on their first day of trading on the stock market in NY - proving the appetite for new listed companies is still very much alive. Shares leapt from its offering price of $19 a share to as high as $25 in early trading.

"All of the gyrations that you read about in the press and the drama that you read about in other cases, we can certainly fall victim to a lot of those things if we are distracted by the news cycle or things that are short-term by nature", Pinterest Chief Financial Officer Todd Morgenfeld said.

Shares of Zoom Video Communications also surged in the video conferencing company's opening day of trading Thursday, closing 72 percent above their IPO price of $36. In a dig to social media services, Pinterest made it clear in its video to investors that ads are a tax to the user on social media.

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The shares opened at $23.75 and touched a high of $24.89 at of 1548 GMT. It also lets users create themed social "boards".

Pinterest said it believes revenue will continue to grow, thanks to demand from advertisers who are seeking to reach its users, which it calls "Pinners". Zoom posted $7.58 million in net income in 2018 while revenue ballooned by 118 percent to $330.5 million.

Pinterest will trade under the symbol "PINS".

"More Pinners say that Pinterest helps them find new shopping ideas and inspiration than users on other consumer internet platforms, according to a survey by Comscore that we commissioned", the company said in the regulatory filing. They do not want to miss out on popular companies with fast growth, but at the same time have to weigh the risks of businesses with unproven economics. Goldman Sachs & Co LLC, JPMorgan and Allen & Company are the lead underwriters on the Pinterest IPO.

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