05:50 AM EDT, 05/01/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Pinterest's ( PINS ) shares surged 18% in premarket activity Wednesday after the company reported Q1 adjusted net income and sales that beat market expectations.

The company reported late Tuesday Q1 non-GAAP net income of $0.20 per diluted share, up from $0.08 a year earlier.

Analysts polled by Capital IQ expected $0.13.

Revenue for the quarter ended March 31 was $740 million, up from $602.6 million a year earlier.

Analysts expected $700.1 million.

For Q2, the social media company is projecting revenue of $835 million to $850 million.

Analysts polled by Capital IQ are looking for $827.1 million.

Price: 39.20, Change: +5.75, Percent Change: +18.09