Pinterest stock tumbles as profit falls short of expectations

Shares of social media platform Pinterest PINS.N fall nearly 12% to $34.65 in premarket trading

PINS missed analysts' estimates for second-quarter profit on Thursday, overshadowing robust revenue and user growth

J.P.Morgan raises PT by $4 to $44 and maintains stance at "overweight"

Brokerage cites Pinterest’s steady progress in growing users, boosting engagement, and increasing ad load with relevant content

The platform is diversifying ad formats and tapping new demand sources like Instacart to complement its first-party data, adds JPM

Co reported adjusted profit per share of 33 cents, below analysts' average estimate of 35 cents, according to data compiled by LSEG

Stock rated "buy" on average; median PT is $43, per data compiled by LSEG

Up to Thursday's close, the stock had risen ~35.2% YTD