{"id":43565,"date":"2023-08-02T12:50:38","date_gmt":"2023-08-02T16:50:38","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/progress-in-baby-steps-pinterest-slips-despite-a-small-beat-raise\/"},"modified":"2023-08-02T12:50:40","modified_gmt":"2023-08-02T16:50:40","slug":"progress-in-baby-steps-pinterest-slips-despite-a-small-beat-raise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43565","title":{"rendered":"‘Progress in baby steps’: Pinterest slips despite a ‘small beat & raise’"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com — Pinterest (NYSE:) shares fell over 3% in pre-market Wednesday trading after the social media platform beat expectations and offered guidance that was in line with forecasts.<\/p>\n

Pinterest reported second-quarter adjusted of 21 cents a share on revenue of $708 million. Analysts expected adjusted earnings per share of 12 cents on revenue of $696.4M. Revenue was up 6%.<\/p>\n

Global monthly active users rose 8% to 465M, a faster pace than the first quarter\u2019s 7% gain over the previous year, to 463M. Globally, average revenue per user dipped 1% to $1.53.<\/p>\n

\u201cIn Q2, we continued to build momentum with consumers and advertisers while further accelerating our pace of innovation,\u201d said CEO Bill Ready.<\/p>\n

Pinterest sees third-quarter revenue growing in the high single-digits range compared with the same period last year, about in line with expectations for growth of 7.6%.<\/p>\n

The company just announced an arrangement with Amazon that allows advertisers to link to their products hosted on Amazon.com Inc (NASDAQ:) through Pinterest.<\/p>\n

Roth MKM analysts said the company is making “progress in baby steps.”<\/p>\n

“PINS reported “small beat & small raise” earnings, but active users in key geographies remained soft and stagnant. We see monetization partnerships and new direct response ad products as 2H23 revenue catalysts.”<\/p>\n

Bernstein analysts raised the price target by $2 to $29 per share on Market Perform-rated PINS shares.<\/p>\n

“The progress is there, but when will the shoppable inflection happen?” they ask in the note.<\/p>\n

Shares of Pinterest are up 19% this year.<\/p>\n

(Additional reporting by Senad Karaahmetovic)<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com — Pinterest (NYSE:) shares fell over 3% in pre-market Wednesday trading after the social media platform beat expectations and offered guidance that was in line with forecasts. Pinterest reported second-quarter adjusted of 21 cents a share on revenue of $708 million. 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