U.S. Stocks Update | Pinterest (PINS.US) Drops Over 11% After Third Quarter Guidance Falls Short of Expectations
According to Zhito Finance, on Wednesday, Pinterest Inc. (PINS.US) saw its stock price drop by over 11%, trading at $33.20 at the time of this report. The company's third-quarter guidance fell short of expectations, leading several institutions to downgrade their price targets. Analyst Colin Sebastian from Baird lowered his price target to $41, while analyst Josh Beck reduced his target to $40.
In the second quarter, Pinterest generated revenue of $853.7 million, a 21% year-on-year increase, surpassing analysts' expectations of $848.2 million. The adjusted earnings per share were $0.29, compared to the expected $0.28. Monthly active users reached 522 million, exceeding the anticipated 518 million. The company projects third-quarter revenue to be between $885 million and $900 million, while analysts expect it to be $907.7 million.
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