Pinterest plunges after missing on user growth expectations
https://www.cnbc.com/2021/07/29/pinterest-pins-earnings-q2-2021.html
1. Pinterest shares plunged in after-hours trading on Thursday after the company reported its second-quarter earnings, missing once again on user growth expectations.
2. The company declined to provide Q3 MAU guidance due to the unknown impact of Covid-19 variants.
3. The company also said that as of July 27, its U.S. MAUs have declined by approximately 7% while global MAUs have grown approximately 5% year-to-year.
Pinterest shares fell more than 14% in after-hours trading on Thursday after the company reported its second-quarter earnings, missing once again on user growth expectations.
Here’s what it reported:
1. Adjusted earnings per share: 25 cents vs. 13 cents forecast by Refinitiv
2. Revenue: $613 million vs. $562.1 million forecast by Refinitiv
3. Monthly active users: 454 million vs. 482 million forecast by StreetAccount
4. Average revenue per user: $1.32 vs. $1.17 forecast by StreetAccount
5. The company reported revenue of $613 million for the quarter, which was up more than 125% compared with a year prior.
6. Pinterest also posted a net income of $69.4 million. A year ago, the company posted a net loss of more than $100.7 million.
7. Pinterest also provided a Q3 revenue growth estimate “in the low-40s” on a year to year basis. That was approximately in line with Refinitiv expectations of 42.8% year-to-year revenue growth for the upcoming quarter.
8. However, the company declined to provide Q3 MAU guidance due to the unknown impact of Covid-19 variants.
“The evolution of the COVID-19 pandemic and related restrictions remain unknown, and we are not providing guidance on Q3 2021 MAUs given our lack of visibility into certain key drivers of engagement,” the company said in a statement.
The company also said that as of July 27, its U.S. MAUs have declined by approximately 7% while global MAUs have grown approximately 5% year-to-year.
https://www.reddit.com/r/StockMarket/comments/ou5leq/pinterest_plunges_after_missing_on_user_growth/