Pinterest, Inc. PINS reported better-than-expected earnings and sales results for its first quarter. The company, however, reported an increase in total costs and expenses in Q1.
Pinterest reported first-quarter earnings of 8 cents per share, which came ahead of the 2-cent consensus estimate, on revenues of $603 million, which came ahead of the $592.6 million consensus estimate.
The company also said its global monthly active users increased 7% year over year to 463 million.
Pinterest shares dropped 12.9% to $23.75 in pre-market trading.
These analysts made changes to their price targets on Pinterest following earnings announcement.
- Bernstein cut the price target on Pinterest from $28 to $23. Bernstein analyst Mark Shmulik maintained a Market Perform rating.
- Rosenblatt raised the price target on Pinterest from $26 to $27. Rosenblatt analyst Barton Crockett maintained a Neutral rating
- Credit Suisse lowered the Pinterest price target from $29 to $28. Credit Suisse analyst Stephen Ju maintained a Neutral rating on the stock.
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