Pinterest shares plunge after reporting 125% rise in revenue but continued pandemic worries

2 months ago 26

Pinterest shares sank astir 14% aft hours Thursday aft the institution reported mixed second-quarter results and said it could not supply third-quarter guidance due to the fact that of continued uncertainty astir the coronavirus pandemic.

The online-pinboard institution reported a 125% summation successful gross and said its planetary monthly progressive users roseate 9%. But it saw a 7% diminution successful U.S. users.

“Our second-quarter results bespeak some the spot of our concern and the caller displacement successful user behaviour we’ve seen arsenic radical walk little clip astatine home,” said Ben Silbermann, main enforcement and co-founder of Pinterest, successful a statement. 

Pinterest PINS, -6.01% reported nett income of $69.4 million, oregon 10 cents a share, compared with a nonaccomplishment of $100.7 million, oregon 17 cents a share, successful the year-ago period. Adjusted for stock-based compensation and different costs, net were 25 cents a share. Revenue soared to $613.2 cardinal from $272.5 cardinal successful the year-ago quarter.

Analysts surveyed by FactSet had forecast net of 13 cents a stock connected gross of $562 million.

Pinterest banal has risen astir 10% twelvemonth to day and soared astir 190% successful the past year, portion the S&P 500 Index SPX, +0.42% has seen a astir 18% summation truthful acold this twelvemonth and climbed 36% successful the past 52 weeks. The company’s shares had fallen much than 6% successful the regular league to adjacent astatine $72.04 connected Thursday. 

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