Pinterest’s stock jumps 4% as it unveils new ad tools, talks AI at investor day

Shares of Pinterest Inc.
PINS,
+3.19%
jumped 4% Tuesday as the company rolled out new ad tools at its investor day, including integrations for Salesforce Inc.’s
CRM,
+0.33%
Commerce Cloud and Adobe Inc.’s
ADBE,
+1.74%
Commerce native applications. Pinterest also discussed its ongoing AI development. “We believe innovation has accelerated at Pinterest over the past nine months,” Roth MKM analyst Rohit Kulkarni said in a note before the conference. “Pinterest has launched new ad formats, shopping tools, and advertiser tools as the company seems focused on building a full-funnel advertising solution.” Pinterest later named Scott Schenkel, the former chief financial officer and interim chief executive of eBay Inc.
EBAY,
-0.66%,
to its board of directors. Pinterest’s stock is up 9% in 2023, while the broader S&P 500 index
SPX,
-0.22%
has expanded 15% this year,