Pinterest ( NYSE: PINS ) tumbled 11% in immediate after-hours action Monday following its fourth-quarter earnings report, where revenues missed expectations and the company guided to some slow first-quarter growth.
Pinterest also authorized a stock buyback program of up to $500M. And the company also said its chief financial officer, Todd Morgenfeld, is leaving the company. He'll "pursue new career opportunities" effective July 1 and the company will launch a search for a new one.
Andréa Mallard, Chief Marketing and Communications Officer, and Bill Watkins, Chief Revenue Officer, will now report directly to Bill Ready, CEO.
Revenues of $877M grew 4% but fell short of expectations for 4.7% growth (to $886.8M). It was crimped by a decline in Europe, where revenues fell 7% to $123M.
In the U.S. and Canada, revenues rose 5% to $722M, while its rest-of-world revenues rose 26% to $32M.
Monthly active users came in as expected, at 450M.
The company logged GAAP net income of $17M for the quarter, taking the edge off a fiscal-year net loss that ended at $96M for 2022. Adjusted earnings before interest, taxes, depreciation and amortization also beat expectations at $196M.
As for the current quarter, the company says revenues will grow low single digits year-over-year, taking into account slightly lower foreign exchange headwinds than Q4. It also expects Q1 non-GAAP operating expenses to decline to low double-digit percent quarter-over-quarter.
Conference call to come at 4:30 p.m. ET .
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Pinterest slips 11% as revenues miss; company launches buyback, will lose CFO