Pinterest stock tumbles on weak Q3 guidance
Pinterest, Inc. (NYSE: NYSE:PINS) shares fell 14% in afterhours trade after the company offered softer-than-expected outlook for its third quarter.
Q2 revenue rose 21% to $854 million, surpassing analyst projections of $848.75 million. The social media company also reported a slight beat on adjusted earnings per share (EPS) at $0.29, a cent higher than the consensus estimate of $0.28.
Pinterest achieved a record 522 million global monthly active users, marking a 12% increase from the previous year.
CEO Bill Ready highlighted the company's successful monetization efforts, noting improved advertiser performance and increased share of advertising budgets from large brands, attributing this success to the rollout of AI-powered products and experiences.
Looking ahead, Pinterest anticipates third-quarter revenue to be in the range of $885 million to $900 million, representing a year-over-year growth of 16-18%.
This forecast falls short of the analyst consensus of $908 million, triggering a significant downturn in the company's stock price.
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