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Pinterest Inc (NYSE:PINS) shares fell after reporting a third-quarter sales miss.
Third-quarter adjusted earnings came in at 1 cent, beating estimates by 5 cents. Sales came in at $279.7 million, missing estimates by $920,000.
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The company narrowed 2019 sales guidance from $1.095-$1.115 billion to $1.1-$1.115 billion versus a $1.112 billion estimate.
"In Q3, we redesigned Pinterest to make the service more intuitive and improved recommendations quality to help people discover new ideas they didn't know about before," said Ben Silbermann, Pinterest CEO and Co-founder. "We are also expanding the number of shoppable products on Pinterest, which makes it easy for our users to go from inspiration to action."
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Highlights
- Monthly active users were up 28%
- Revenue grew 47% year-over-year
- GAAP net loss was $125 million
Pinterest shares fell more than 18% in Thursday's after-hours session. The stock closed the regular session down 3% at $25.14 per share.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.