Pinterest, Inc. shares soared 5.11% during intraday trading, fueled by heightened investor optimism ahead of the company's second-quarter earnings report and a massive rally in peer Snap Inc, which surged approximately 15% and lifted sentiment across the interactive media sector.

Market consensus expects Pinterest to report Q2 revenue growth of 17.82% year-over-year, with Mizuho Bank recently raising its price target on the stock from $30 to $31. The company enters the earnings season with strong momentum from its Q1 results, which delivered 18% revenue growth and a record 631 million global monthly active users.

Additionally, Elliott Investment Management's $1 billion strategic investment via convertible notes and an associated large-scale share repurchase program continue to underpin expectations for fundamental improvement, reinforcing the positive outlook ahead of the results.