Pinterest’s quarterly revenues fell – Evening News
[ad_1]
Yesterday, Pinterest reported lower-than-expected revenue, bucking the downward trend from Alphabet and Snap.
LBLV analysts noted that shares of the company, which expects sales growth in the first quarter, rose by 1.49% to $27.89 today. Before the opening of the session, they decreased by 3.91%, and yesterday after the publication of the report, they fell by 15%.
Deterioration of financial indicators, in particular, is due to the fact that advertisers have reduced their budgets in recent months due to high inflation and a sharp increase in interest rates by the world’s central banks. Companies that depend heavily on advertising, including Alphabet and Meta, have faced budget cuts and falling stocks.
According to the results of the first quarter, Pinterest expects to see a slight increase in revenue. Analysts predict seven percent growth.
CFO Todd Morgenfeld, who will leave the company in July, said that measures are being taken to reduce costs in 2023. There is talk of downsizing and closing offices that are not being used.
The number of active Pinterest users per month increased by 4% to 450 million, LBLV reported. Analysts predicted an increase in the indicator to 452.3 million.
According to the results of the fourth quarter, the company’s revenue grew by 4% to 877 million dollars, while experts expected 886.3 million dollars.
Yaroslav Kravtsov, financial analyst at LBLV
Source: Ministry of Finance
Views: 16
[ad_2]
Original Source Link
