Pinterest (PINS) reported fourth-quarter results late Monday that beat earnings estimates but missed on revenue. PINS stock plunged.
X
The social media company reported adjusted earnings of 29 cents a share on revenue of $877 million. Analysts expected earnings of 27 cents a share on revenue of $884.5 million. Revenue edged up 4% from the year-ago period.
The company also provided a first-quarter forecast that fell short. Pinterest expects revenue to increase in the “low single digits” from a year earlier. Analysts were expecting growth of 6.9%, to $614.5 million.
How Did Your Online Broker Do In IBD’s 2023 Best Online Broker Survey?
PINS stock dropped 9.6%, near 25.12 during after-hours trading on the stock market today.
Pinterest is an image sharing and social media site that lets users discover and share information (Pinterest says “ideas”) on any specific topic, using images and some videos and GIFs.
Monthly active users increased 4% from the year-ago period to 450 million.
Pinterest also announced that its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
YOU MAY ALSO LIKE:
Battered E-Commerce Retailer Jumps 23% On Positive Stock Upgrade
Why Meta’s Troubles May Now Be Easing After A Difficult Year
When To Sell Growth Stocks: This Could Be Your No. 1 Rule
See Stocks On The List Of Market Leaders With IBD Leaderboard
Join IBD Live And Learn Top Chart Reading And Trading Techniques From Pro
Source: https://www.investors.com/news/technology/pins-stock-crashes-on-earnings-report-pinterest/?src=A00220&yptr=yahoo