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Pinterest reported its second-quarter earnings on Thursday, August 7, and, in many ways, it was good newsthough you wouldnt know it from how much its shares have dropped. Here’s what to know: What did Pinterest report? The social media companys global revenue rose to $998.2 million from $853.6 million year-over-year (YOY). The 17% jump beat Wall Streets expectations of $975 million, according to consensus estimates cited by CNBC. Its net income also increased by 336% YOY, to $38.8 million from $8.9 million. Moreover, Pinterest also projected a better-than-expected third quarter, with revenue between $1.03 billion and $1.05 billion. Plus, its doing well when it comes to actual users, particularly younger ones. Pinterest reports an 11% increase YOY, coming in at 578 million global monthly active users. According to Pinterest CEO Bill Ready, over 50% of those users are Gen Z. What has the CEO said about the earnings? Three years into our business transformation, Ive never been more confident in Pinterests ability to deliver for our users and advertisers, Ready said in a statement. Weve found our best product market fit ever by becoming a personalized shopping destination for users and an AI-powered performance platform for advertisers. With this focus, we believe were well-positioned to further capture market share. Ready further called Pinterest an AI winner in an earnings call, stating that the technology is deeply integrated throughout almost every aspect of the company. This quarter, it launched a new proprietary generative retrieval model for search, built in-house. Due to the sophistication of this model and the breadth of content and activity [it] is trained on, it can recommend more relevant and deeply personalized content for our users while also balancing the distribution of fresh content, Ready said. How is the stock performing after the earnings? Not well. Alongside all of Pinterest’s great news was lower-than-expected earnings per share. The company reported adjusted EPS of 33 cents, rather than the 35 cents that Wall Street expected. Pinterests stock (NYSE: PINS) was down more than 13% in premarket trading on Friday as of this writing. Julia Brau Donnelly, Pinterests CFO, added that advertisers are also worried about tariffs and market uncertainty. “As we talk to advertisers about Q3, we do hear that some of that tariff-related and broader market uncertainty has continued into how they’re thinking about spend for Q3, though this varies by advertiser,” she said during the call. “Again, it’s definitely a relatively more constructive environment than feared.
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E-Commerce
New Delhi has put on hold its plans to procure new U.S. weapons and aircraft, according to three Indian officials familiar with the matter, in India’s first concrete sign of discontent after tariffs imposed on its exports by President Donald Trump dragged ties to their lowest level in decades. India had been planning to send Defense Minister Rajnath Singh to Washington in the coming weeks for an announcement on some of the purchases, but that trip has been cancelled, two of the people said. Trump on August 6 imposed an additional 25% tariff on Indian goods as punishment for Delhi’s purchases of Russian oil, which he said meant the country was funding Russia’s invasion of Ukraine. That raised the total duty on Indian exports to 50%among the highest of any U.S. trading partner. The president has a history of rapidly reversing himself on tariffs and India has said it remains actively engaged in discussions with Washington. One of the people said the defense purchases could go ahead once India had clarity on tariffs and the direction of bilateral ties, but “just not as soon as they were expected to.” Written instructions had not been given to pause the purchases, another official said, indicating that Delhi had the option to quickly reverse course, though there was “no forward movement at least for now.” India’s defence ministry and the Pentagon did not respond to Reuters’ questions. Delhi, which has forged a close partnership with America in recent years, has said it is being unfairly targeted and that Washington and its European allies continue to trade with Moscow when it is in their interest. Reuters is reporting for the first time that discussions on India’s purchases of Stryker combat vehicles made by General Dynamics Land Systems and Javelin anti-tank missiles developed by Raytheon and Lockheed Martin have been paused due to the tariffs. Trump and Indian Prime Minister Narendra Modi had in February announced plans to pursue procurement and joint production of those items. Singh had also been planning to announce the purchase of six Boeing P8I reconnaissance aircraft and support systems for the Indian Navy during his now-cancelled trip, two of the people said. Talks over procuring the aircraft in a proposed $3.6 billion deal were at an advanced stage, according to the officials. Boeing, Lockheed Martin, and General Dynamics referred queries to the Indian and U.S. governments. Raytheon did not return a request for comment. RUSSIAN RELATIONS India’s deepening security relationship with the U.S., which is fuelled by their shared strategic rivalry with China, was heralded by many U.S. analysts as one of the key areas of foreign-policy progress in the first Trump administration. Delhi is the world’s second-largest arms importer and Russia has traditionally been its top supplier. India has in recent years however, shifted to importing from Western powers like France, Israel, and the U.S., according to the Stockholm International Peace Research Institute think tank. The shift in suppliers was driven partly by constraints on Russia’s ability to export arms, which it is utilizing heavily in its invasion of Ukraine. Some Russian weapons have also performed poorly in the battlefield, according to Western analysts. The broader U.S.-India defence partnership, which includes intelligence sharing and joint military exercises, continues without hiccups, one of the Indian officials said. India also remains open to scaling back on oil imports from Russia and is open to making deals elsewhere, including the U.S., if it can get similar prices, according to two other Indian sources. Trump’s threats and rising anti-U.S. nationalism in India have “made it politically difficult for Modi to make the shift from Russia to the U.S.,” one of the people said. Nonetheless, discounts on the landing cost of Russian oil have shrunk to the lowest since 2022. India’s petroleum ministry did not immediately respond to a request for comment. While the rupture in U.S.-India ties was abrupt, there have been strains in the relationship. Delhi has repeatedly rebutted Trump’s claim that the U.S. brokered a ceasefire between India and Pakistan after four days of fighting between the nuclear-armed neighbors in May. Trump also hosted Pakistan’s army chief at the White House in the weeks following the conflict. In recent months, Moscow has been actively pitching Delhi on buying new defence technologies like its S-500 surface-to-air missile system, according to one of the Indian officials, as well as a Russian source familiar with the talks. India currently does not see a need for new arms purchases from Moscow, two Indian officials said. But Delhi is unlikely to wean itself off Russian weapons entirely as the decades-long partnership between the two powers means Indian military systems will continue to require Moscow’s support, one of the officials said. The Russian embassy in Delhi did not immediately respond to a request for comment. Shivam Patel and Aftab Ahmed, Reuters
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E-Commerce
XRP is the third-largest cryptocurrency by market capor the total value of all its coinswhich currently stands at just over $196 billion, according to data from Yahoo Finance. For comparison, leading crypto Bitcoin has a market cap of 2.3 trillion and Ethereum, the No. 2 coin, has a market cap of $469 billion. But over the past 24 hours, XRP has seen its price surge by more than 7.7% as of the time of this writing. Currently, XRP is valued at $3.30 per coin. But why? It likely all comes down to one big thing. SEC and Ripple agree to drop lawsuits Yesterday, the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, a company that offers cross-border payment solutions and is also one of the largest holders of XRP, both agreed to drop legal appeals in a court battle that has lasted for years. As CoinTelegraph reports, the SEC and Ripple submitted a joint petition to the Second Circuit Appeals Court asking the judge to dismiss the cross-appeal from both parties in the ongoing suit. As previously noted by Reuters, the two entities have been locked in a legal dispute, with the SEC alleging that Ripple had violated securities laws by selling XRP. In 2023, a judge ruled that Ripples sale of XRP on public exchanges was legal, but that its sales of the coins to institutional investors were not. Now that the lawsuit has been settled, CoinTelegraph points out, the ruling from the 2023 judgment stands: Ripple will pay a $125 million fine to the SEC, well below the $2 billion the agency sought. Announcing the joint filings for dismissal, Ripples chief legal officer, Stuart Alderoty, wrote in a post on X, The end . . . and now back to business. In other words, the matter appears to be fully settled, and now Ripple can put its focus back on its business interests, which includes a stablecoin platform it just purchased for $200 million. A spokesperson for Ripple referred Fast Company to Alderoty’s tweet. The SEC did not immediately respond to a request for comment. With the threat of an ongoing lawsuit apparently out of the waywhich could have deemed XRP a security, and thus open it to more regulatory oversightXRP is up significantly in early trading on Friday. XRPs wild summer XRP has seen volatility over the last several weeks. On July 8, the coin was hovering between the $2.29 and $2.42 range, according to Yahoo Finance data. By July 20, it surged to close at over $3.55. But by the beginning of August, it fell to below $2.75 again. But now with the news of the settlement being digested by investors, XRP is up 7.7% to $3.30 per coin. Todays surge is further representative of a good run for the digital asset over the past year. Since the beginning of 2025, XRP is up more than 59%. And over the past 12 months, the coin is up more than a staggering 438%.
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E-Commerce
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