US Stock Market News | Pinterest drops more than 11% as third-quarter guidance falls short of expectations
Pinterest's stock price fell by more than 11%, closing at $33.2, due to the company's third-quarter guidance falling short of expectations. Several institutions have lowered their target prices, with Baird analyst Colin Sebastian lowering it to $41 and RBC analyst Josh Beck lowering it to $40. Pinterest's second-quarter revenue was $853.7 million, a 21% year-on-year increase. Monthly active users reached 522 million. Third-quarter revenue is expected to be between $885 million and $900 million
According to Zhitong Finance, on Wednesday, Pinterest (PINS.US) stock price fell, with the stock dropping over 11% to $33.2 as of the time of publication. The company's third-quarter guidance fell short of expectations, leading to multiple institutions lowering their target prices. Baird analyst Colin Sebastian lowered the target price to $41, while RBC Capital Markets analyst Josh Beck lowered the target price to $40.
Pinterest's second-quarter revenue was $853.7 million, a 21% year-on-year increase, slightly higher than analysts' expectations of $848.2 million. Adjusted earnings per share were $0.29, exceeding analysts' expectations of $0.28. Monthly active users reached 522 million, surpassing analysts' expectations of 518 million. The company expects third-quarter revenue to be between $885 million and $900 million, while analysts had expected $907.7 million