Pinterest buys back $2B shares, cutting share count 16% amid strong Q1 growth.

Pinterest executed a $2 billion share buyback, retiring 109 million shares at an average price of $18, reducing its share count by 16%. This move was opportunistic, supported by a $1 billion convertible debt deal with Elliott Management on favorable terms. The company reported strong Q1 results with $1 billion in revenue, a 17% year-over-year increase, and 11% growth in monthly active users to 631 million. Despite high stock-based compensation costs, Pinterest's growth and buyback strategy support its current valuation outlook.