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Pinterest stock falls 10% after earnings miss

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Bill Ready, CEO of Pinterest, rings the opening bell at the New York Stock Exchange on May 15, 2024.

Brendan McDermid | Reuters

Pinterest shares were down about 10% on Thursday after the company reported second-quarter earnings that missed on earnings per share.

Here’s how the company did, compared to analysts’ consensus estimates from LSEG:

Earnings per share: $0.33 cents Adj. vs. $0.35 cents expected
Revenue: $998 million vs. $975 million expected

Sales in Pinterest’s second quarter grew 17% year-over-year while net income was $38.76 million, up from $8.9 million a year ago during the same period.

Pinterest said that third-quarter sales will come in between $1.033 billion to $1.053 billion, topping analyst estimates of $1.025 billion.

The social media company said it had 578 million global monthly active users in the second quarter, ahead of the 574.5 million that StreetAccount was projecting. Pinterest said in May that it had 570 million monthly active users in the first quarter.

Pinterest recorded $251 million in second quarter adjusted earnings before interest, taxes, depreciation and amortization, or EBIDTA, which was higher than StreetAccount’s estimates of $233 million.

“I’m proud of our Q2 results — delivering 17% revenue growth and another quarter of record users,” Pinterest CEO Bill Ready said in a statement. “We’re also excited that Gen Z has grown to over half of our user base.”

Snap shares plummeted over 15% on Tuesday after the company reported second-quarter earnings in which global average revenue per user missed expectations. Evan Spiegel, the company’s CEO, said in an investor letter that Snap’s “topline growth” was negatively impacted by factors including a botched advertising platform update that has since been fixed.

Amazon reported second-quarter earnings last Thursday and noted that its online ad sales jumped 23% year over year to $15.69 billion. Reddit reported its latest earnings the same day, and said that second-quarter sales skyrocketed 78% year over year to $500 million.

Alphabet beat on the top and bottom lines when it reported its second-quarter earnings on July 23, and Meta said on July 30 that its second-quarter revenue hit $47.52 billion. That represented a 22% increase from the previous year during the same period.

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