Pinterest Tails off on Q2 Results
Shares of Pinterest (NYSE:PINS) dropped Friday after its second-quarter earnings missed analyst estimates.
The company saw its adjusted earnings for the period come in at 33 cents per share, below the 35 cents per share that analysts surveyed by LSEG were expecting. Revenue, however, beat expectations.
Revenue was $998 million, growing 17% year over year on a reported and constant currency basis.
Global Monthly Active Users increased 11% year over year to 578 million.
GAAP net income was $39 million and Adjusted EBITDA was $251 million.
Net cash provided by operating activities was $208 million and free cash flow was $197 million.
“I’m proud of our Q2 results—delivering 17% revenue growth and another quarter of record users. We’re also excited that Gen Z has grown to over half of our user base,” said CEO Bill Ready.
“Three years into our business transformation, I’ve never been more confident in Pinterest’s ability to deliver for our users and advertisers. We’ve found our best product market fit ever by becoming a personalized shopping destination for users and an AI-powered performance platform for advertisers. With this focus, we believe we’re well-positioned to further capture market share.”
Shares tanked $3.52, or 9%, to $35.65.
