Shares of Pinterest (NYSE: PINS) took a hit on Friday. The visual search and media platform provider’s shares fell as much as 10.8%. As of 1:33 p.m. EDT, the stock was down 8.2%.
The growth stock’s decline comes as a Seeking Alpha article noted that Cleveland Research’s data indicates that “some omni-channel retailers are seeing Pinterest spending decelerating.”
“Cleveland Research says Q1 looks like it ended softer than mid-quarter expectations would indicate, and some agencies/partners noting a deceleration from Q4 levels,” wrote Seeking Alpha author Jason Aycock.
While it’s always possible that Cleveland Research is onto something, investors should note that analysts are already modeling for a revenue growth deceleration during the period. On average, analysts are expecting Pinterest’s revenue to rise 73.8%, down from 76% growth in the prior quarter.
Management indicated during its fourth-quarter update that it expected first-quarter revenue to grow at a rate in the low-70% range. At the time of this guidance, the company had more than a month of visibility into Q1, as the report was released on Feb. 4.
Pinterest reports its first-quarter results after market close on April 27.