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Pinterest stock plunges after saying U.S. users are logging off

Editorial Staff by Editorial Staff
July 30, 2021
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Pinterest stock plunges after saying U.S. users are logging off

Shares drop about 19% in after-hours trading after decline in U.S. users ‘as people spend less time at home,’ Pinterest CEO says

Pinterest shares sank about 19% after hours Thursday after the company reported a huge increase in revenue year over year but a drop in U.S. users, and said it could not provide third-quarter guidance because of continued uncertainty about the coronavirus pandemic.

The online-pinboard company reported a 125% rise in second-quarter revenue and said its global monthly active users rose 9%. But it saw a 7% decline in U.S. users and ended the quarter with a total of 454 million monthly active users, well short of the 481.6 million monthly active users analysts expected.

“Our second-quarter results reflect both the strength of our business and the recent shift in consumer behavior we’ve seen as people spend less time at home,” said Ben Silbermann, chief executive and co-founder of Pinterest, in a statement.

During the earnings call, the company’s chief financial officer, Todd Morgenfeld, called that behavioral shift an “unwinding of engagement benefits we got when people were stuck at home” during the height of the pandemic in the U.S.

But like Facebook Inc. FB, -0.14%, Alphabet’s GOOGL, -0.80% GOOG, -0.97% Google and its other peers in the tech industry that recently reported their earnings, Pinterest benefited from increased demand for online advertising. “More advertisers recognized the value we offer,” Silbermann said during the call. Morgenfeld said the company saw revenue “momentum” from large advertisers, especially U.S. retailers.

Pinterest PINS, -18.71% reported net income of $69.4 million, or 10 cents a share, compared with a loss of $100.7 million, or 17 cents a share, in the year-ago period. Adjusted for stock-based compensation and other costs, earnings were 25 cents a share. Revenue soared to $613.2 million from $272.5 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of 13 cents a share on revenue of $562 million.

Pinterest’s top executives sought to assure shareholders and analysts that the company continues to be on the right track as it invests in creators and video-based idea pins. The company said in its letter to shareholders that shopping and search engagement continued to be strong.

“Looking beyond COVID 19-driven volatility, our view to grow our user base is unchanged from what it was before the pandemic,” Morgenfeld said during the call.

Pinterest stock has risen about 10% year to date and soared about 190% in the past year, while the S&P 500 Index SPX, -0.42% has seen a nearly 18% increase so far this year and climbed 36% in the past 52 weeks. The company’s shares fell more than 6% in the regular session to close at $72.04 on Thursday.

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