Reported 3 months ago
Pinterest has forecasted lower-than-expected revenue for the upcoming quarter, citing increased competition from platforms like TikTok and Instagram in the digital advertising space. As a result, the company's shares dropped approximately 12% after-hours, losing about $3 billion in value. Despite reporting a 21% increase in second-quarter revenue and a rise in monthly active users, the anticipated revenue of $885 million to $900 million fell short of analysts' expectations, which estimated $906.6 million.
Source: YAHOO