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Baystreet Staf - Friday, February 9, 2024
Pinterest's Stock Drops 10% As Earnings Miss Targets Pinterest's (PINS) stock is down 10% after the social media company reported revenues that missed Wall Street's targets and issued weak forward guidance.
The company reported earnings per share (EPS) of $0.53 U.S. versus $0.51 U.S. that was expected on Wall Street.
However, revenue came in at $981 million U.S. versus $991 million U.S. that was the consensus forecast of analysts. Despite the miss, revenues were up 12% from a year earlier.
Monthly active users on Pinterest rose 11% in the fourth quarter of 2023 to 498 million, topping estimates of 487 million.
The company said its average revenue per user was $2 U.S., lower than analyst estimates of $2.05 U.S.
Looking ahead, Pinterest said that it foresees revenue of $690 million U.S. to $705 million U.S. for the current first quarter of 2024, which represents annualized growth of 15% to 17%.
Analysts had been looking for more growth from the social media company in Q1 2024.
Pinterest's stock initially fell 28% after the company's earnings were released but pared some of that decline after a new partnership with Google was announced.
The Google arrangement is like Pinterest's partnership with Amazon and will focus on third-party online advertisements.
Prior to today (Feb. 9), Pinterest's stock had risen 65% in the last 12 months to trade at $40.72 U.S. per share.
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