2024-02-08 16:11:45 ET
Pinterest Inc (NYSE: PINS) crashed 20% in extended hours after reporting disappointing revenue for its fiscal fourth quarter.
Pinterest stock down on muted guidance
Investors are concerned also because the management issued downbeat guidance for the future. The social media and image sharing company now forecasts its revenue to fall between $690 million and $705 million in its current financial quarter.
Analysts, in comparison, were at $703 million. Bill Ready – the chief executive of Pinterest Inc said in a press release today:
Pinterest is the rare business where the interests of users and advertisers are aligned. The changes we made have set us up to be a stronger and more efficient company as we double down on our momentum in 2024.
The New York listed firm generated $2.0 of average revenue per user in its recently concluded quarter that also missed Street estimates by some 5 cents. Wall Street currently has a consensus “overweight” rating on Pinterest stock that is down well over 10% year-to-date at writing.
Watch here: https://www.youtube.com/embed/7UkxTRXL87Y?feature=oembedNotable figures in Pinterest Q4 earnings release
Earned $201 million versus the year-ago $17.49 million
Per-share earnings also climbed from 3 cents to 29 cents
Adjusted EPS printed at 53 cents as per the press release
Revenue jumped 12% year-over-year to $981 million
Consensus was 51 cents a share on $991 million in revenue
Pinterest ended its recent fiscal quarter with 498 million MAUs (monthly active users) worldwide – up 11% versus last year, as per the earnings report. CEO Ready also said on Thursday:
2023 was our most productive year yet as we accelerated our product velocity and launched more solutions than ever before.
This is a developing story. Check back in a few minutes for more updates
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