A banner for the net picture board Pinterest Inc. hangs from the New York Stock Exchange on the morning that Pinterest makes its preliminary public providing on April 18, 2019.
Spencer Platt | Getty Images
Pinterest shares sank 12% after the corporate reported fourth-quarter revenue that missed analyst expectations.
Here’s how the corporate did.
- Revenue: $877 million vs. $886.Three million anticipated, based on Refinitiv.
Pinterest’s fourth-quarter earnings come after many ad-supported firms reported tepid outcomes.
Meta mentioned final week that its fourth-quarter gross sales dropped 4% year-over-year to $32.17 billion whereas Alphabet mentioned its Google promoting unit logged $59.04 billion in fourth quarter sales, a 3.6% drop from the identical quarter final yr. Additionally, revenue in Alphabet’s YouTube unit sank 8% year-over-year to $7.96 billion within the fourth quarter.
Snap mentioned its gross sales within the fourth quarter was barely up year-over-year to $1.30 billion, which missed analyst expectations of $1.31 billion.
Amazon’s digital promoting unit represented a vivid spot throughout the fourth quarter, with gross sales in that unit leaping 19% year-over-year to $11.6 billion.
Pinterest reportedly laid off round 150 workers final week, becoming a member of the rising checklist of expertise firms like Meta, Alphabet and Salesforce which have fired employees in latest months.
In August, Elliott Management confirmed that it was Pinterest’s high investor and voiced assist for the corporate’s new CEO Bill Ready, who previously led Google’s commerce enterprise.
Ready joined Pinterest in June 2022, replacing the longtime CEO Ben Silbermann, who co-founded the corporate in 2010.