NEW YORK: Pinterest Inc fell short of Wall Street estimates for quarterly revenue on lower-than-expected average revenue per user and its revised full-year sales forecast came marginally below expectations, sending its shares tumbling 19 per cent.
Pinterest on average posted revenue of 90 cents per user globally in the third quarter, falling just short of analysts expectation of 91 cents, according to research firm FactSet.
The company’s net loss widened to $124.7 million from $18.9 million a year earlier, as total costs and expenses nearly doubled to $413.4 million. Pinterest has been investing in areas such as advertiser diversification which would “bear fruit over the coming several quarters and years,” Chief Financial Officer Todd Morgenfeld said on a post earnings call with analysts. — Reuters
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