Pinterest jumped 5% at Thursday's market open on a report thatMicrosoft considered buying the firm.- The pinboard platform has dazzled investors with its robust growth in revenue and users in 2020.
- Pinterest's market value has soared over 600% during the course of the coronavirus pandemic.
Pinterest shares rose 5% on Thursday after a Financial Times report revealed Microsoft tried to buy the social media firm.
Microsoft's potential acquisition of the $51 billion online photo-pinning platform would have been its largest deal to date. But according to the FT's sources, talks are currently not active.
On the platform, users typically pin images to add to their visual wish-lists for personal hobbies, or interests such as wedding planning, house decor, or vacation ideas.
Pinterest's market value has soared over 600% during the course of the pandemic as it blew away investors with its robust growth in revenue and users. As more people continued to spend their time online, the 11-year-old company added a record 100 million daily active users to its platform in 2020.
Furthermore, its revenue surged 76% to $706 million for the quarter that ended December, handily beating analyst expectations by $58 million.
The company's shares closed at $81.12 on Wednesday, but were trading around $84.96 per share in early trading Thursday.
Microsoft last tried to acquire a social company in 2020, when it was in the running to buy the US operations of ByteDance's TikTok. But its offer was dismissed for no clear reason.