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stock falls on income miss



Ben Silbermann, co-founder, chairman and CEO of Pinterest, speaks in front of the company's logo on the New York Stock Exchange (NYSE), during the company's stock exchange listing April 18, 2019 in New York City.

Johannes Eisele | AFP | Getty Images

Pinterest shares plunged 18% in extended trading Thursday after the image-sharing website reported disappointing third-quarter results.

Here are the key figures for the period ended in September:

  • Earnings per share: 1
    percent, excluding some items, versus 4-cent loss forecast by Refinitiv.
  • Revenue: $ 279.9 million, vs $ 280.6 million forecast of Refinitive
  • Monthly Active Users: 322 million, versus 322.8 million forecasts from FactSet
  • Average Revenue Per user: 90 cents, against 91 cents forecast by FactSet

Pinterest also missed estimates for the full-year outlook in 2019. The company said revenues for the year will reach $ 1.1 billion to $ 1.115 billion. Analysts expected sales of $ 1.12 billion, according to Refinitive.

The stock fell to $ 20.45 after the report after dropping 3% to $ 25.14. At its posterity price, Pinterest is slipping above the $ 19 IPO price from April

While much less than online ads, Google and Facebook compete, Pinterest is growing at a faster clip and gaining some market share. Sales increased 47% in the last quarter of the previous year, topping Facebook's 28% ad sales growth and Google, which reported a 17% increase.

CEO Ben Silbermann said in the statement that the company redesigned the site in the third quarter "to make the service more intuitive" and "to help people discover new ideas they didn't know about."

Still, Pinterest has yet to make a profit at a time when investors are putting more value on the bottom line than the top. The company said it expects an adjusted loss in 2019 of between $ 10 million and $ 30 million, which is narrower than the previous range of $ 25 to $ 50 million. It reported a net loss for the third quarter of $ 124.7 million as stock-based compensation rose to $ 130.3 million from $ 3.9 million the year before.

SE: How Pinterest makes money by filling your feed with promotional pins


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