Pinterest Shares Plunge 10% on Weak Revenue Outlook

Dow Jones07-31

Pinterest shares were falling sharply after it offered weaker than expected revenue guidance for the current quarter.

Shares were down 10% in after-hours trading. The photo-sharing site met analyst expectations for the quarter ending in June, reporting revenue of $854 million, up 21% from a year ago, and adjusted earnings of 29 cents a share.

But the company's forecast for third quarter revenue in a range of $885 million to $900 million, which would represent growth of 16% to 18% from a year ago, was short of analysts' forecasts for $909 million, according to FactSet.

Pinterest also expects third quarter adjusted operating expenses to be in a range of $485 million to $500 million, rising 17% to 20% from a year ago.

Second quarter monthly active users rose 12% to 522 million from the same time a year ago. That beat analysts' expectations for 520 million.

CEO Bill Ready said advertisers are seeing improved performance as it continues to introduce AI-powered products and experiences. "As a result, we're gaining share of advertising budgets with some of the world's largest brands," he said.

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