Shares of Pinterest Inc (NYSE:PINS) tanked in early trading on Wednesday, although the company reported a revenue beat for the second quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.

RBC Capital Markets On Pinterest

Analyst Brad Erickson maintained a Sector Perform rating, while raising the price target from $28 to $30.

Although Pinterest’s quarterly results were mixed, the company delivered on its “big FY margin guide up,” Erickson said in a note.

“For us, metrics like engagement, ad load and mobile MAUs outperforming is encouraging, but we continue to struggle with underlying intent on the platform and how those metrics will eventually translate commensurately to revenue,” he added.

Roth Capital Partners On Pinterest

Analyst Rohit Kulkarni reiterated a Neutral rating, while lifting the price target from $27 to $29.

Pinterest delivered beat-and-raise earnings, although the difference was small, Kulkarni said. The company’s “active users in key geographies remained soft and stagnant,” he added.

“We see monetization partnerships and new direct response ad products as 2H23 revenue catalysts,” the analyst further wrote.

Check out other analyst stock ratings.

Susquehanna On Pinterest

Analyst Shyam Patil reaffirmed a Positive rating and price target of $35.

“PINS continues to execute against its priorities and reported a solid quarter with modest revenue acceleration and strong cost management,” Patil wrote in a note.

“We continue to view fundamentals as moving in the right direction and see the story playing out over multiple quarters,” he added.

Benchmark On Pinterest

Analyst Mark Zgutowicz maintained a Hold rating on the stock.

Pinterest reported underwhelming growth in ARPUs (average revenue per user) and MAU (monthly active users), Zgutowicz said.

“While non-GAAP operating growth is present, sustainable GAAP growth is required to move the shares from here,” he added.

PINS Price Action: Shares of Pinterest had declined by 4.24% to $27.76 at the time of publication Wednesday.

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