Feb 6 (Reuters) - Pinterest Inc shares fell about 4% in aftermarket trade on Monday after the company missed quarterly revenue estimates as user growth slowed on the image-sharing platform and businesses cut advertising spending in a turbulent economy.
Advertisers have slashed their marketing budgets over the past few months as high inflation and aggressive interest rate hikes from global central banks have put a dampener on economic outlook.
After a challenging 2022 in which advertising-dependent companies faced shrinking budgets and cratering stock prices, fourth-quarter results this week from Alphabet Inc, Meta Platforms Inc and Snap Inc showed they were not yet in the clear.
The company announced chief financial officer and head of business operations Todd Morgenfeld would be leaving Pinterest on July 1, 2023.
Pinterest said its board authorized a share repurchase program of up to $500 million of its Class A common stock over the next 12 months.
The image-sharing platform said it expected revenue to grow in low single digits year-over-year in the current quarter, compared with Wall Street estimates of 6.95% growth.
The company's global monthly active users (MAUs) grew 4% to 450 million, below estimates of 452.3 million.
The company's revenue in the fourth quarter ended Dec. 31 grew 4% to $877 million. Analysts on average had expected $886.3 million, according to Refinitiv data.
