Why Pinterest Shares Are Falling After Hours

Pinterest Inc PINS shares are falling in Monday's after-hours session after Snap Inc SNAP filed a Form 8-K with the U.S. Securities and Exchange Commission showing the company expects to miss its previously-issued guidance.

"The macroeconomic environment has deteriorated further and faster than anticipated," Snap said in the filing. As a result, the company now expects to report second-quarter revenue and adjusted EBITDA "below the low end" of its guidance range. 

Last month, Snap guided for second-quarter revenue growth of 20% to 25% year-over-year. The company said it expected adjusted EBITDA to be between breakeven and $50 million. 

Pinterest and Snap both operate social media platforms. Pinterest offers a visual discovery engine where people find inspiring creators, shop new products and seek out ideas to take offline. 

See Also: Why Zoom Video Shares Are Surging After Hours

PINS Price Action: Pinterest shares have traded between $18.32 and $81.77 over a 52-week period.

The stock was down 15.89% in after hours at $19 at press time, according to data from Benzinga Pro.

Photo: ThoroughlyReviewed from Flickr.

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