Pinterest Shares Drop 15% on Weak Q4 Outlook Despite Beating Q3 Earnings Estimates

Benzinga 2024-11-08

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Pinterest shares fell 15% Thursday following the company's cautious fourth-quarter revenue forecast. Pinterest’s revenue and earnings per share both exceeded analyst forecasts, but revenue guidance fell below analysts' estimates, partly due to continued weakness from food and beverage advertisers. The platform announced a $2 billion share buyback and reported over 530 million monthly active users, ahead of projections. Net income rose over 350% year-over-year while expenses grew by 17%, driven by investments in AI and staffing.

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