Pinterest sinks after quarterly revenue miss

Auto Pins (India)

06/02/2023 21:27

** Shares of social media platform Pinterest Inc  PINS.N 
down ~10.5% at $24.95 in extended trading 
    ** Co misses quarterly revenue estimates as user growth
slows and businesses cut advertising spending in a turbulent
economy
    ** Posts Q4 revenue of $877 mln below Wall Street
expectations of $886.3 mln, according to Refinitiv IBES data
    ** Separately, co says CFO Todd Morgenfeld to leave on July
1
    ** Shares in PINS up ~15% YTD, as of last close 
 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))