Pinterest Inc. shares are up 24% in their first day of trading after the company’s initial public offering. The first trade was executed for $23.75 at 11:27 ET. Pinterest listed on the New York Stock Exchange and priced its IPO late Wednesday at $19 a share, above its expected range of $15 to $17 a share. The online image-sharing company saw its revenue jump to $755.9 million last year from $473 million a year prior. While it’s posted a profit in its last two holiday quarters, it has yet to record a profit on an annual basis. Pinterest’s IPO comes amid a 28% rise for the Renaissance IPO ETF so far this year and a 16% climb for the S&P 500 in that time.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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