- The stock price of Pinterest Inc (NYSE: PINS) fell by over 19% pre-market. This is why it happened.
The stock price of Pinterest Inc (NYSE: PINS) fell by over 19% pre-market. Investors are responding negatively to the company’s second-quarter earnings report.
For the quarter, Pinterest said that its monthly active users (MAUs) dropped by 5% (compared to the first quarter) to 454 million. Pinterest said that engagement headwinds also continued this month. And the U.S. MAUs dropped 7% compared to a year ago. The global user count increased 5% in July compared to the same period a year ago.
“For the past year, we’ve highlighted how people came to Pinterest for inspiration to reinvent their lives during such a difficult time,” said Pinterest CEO Ben Silbermann in a statement via Barron’s. “Now, as the world opens up, we’re seeing the similar effect in the opposite direction.”
Pinterest said it is not going to issue third-quarter MAU growth guidance since restrictions caused by COVID-19 are still fluctuating.
The company revenues more than doubled to $613 million. And net income for the second-quarter net income was $69.4 million.
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