Pinterest shares plummet 15% on earnings miss, weak forecast

"Pinterest shares tanked as much as 15% on Tuesday after the company reported third-quarter financial results that missed on earnings per share and provided weak guidance. Here's how the company did, compared to analysts' consensus estimates from LSEG: Earnings per share: 38 cents adjusted vs. 42 cents expected Revenue: $1.05 billion vs. $1.05 billion expected Pinterest's third-quarter sales grew 17% year over year while net income was $92.11 million, up 201% from $30.56 million a year ago during the same period."

"The company said fourth-quarter revenue will come in between $1.31 billion and $1.34 billion. The midpoint of the revenue outlook, $1.325 billion, trailed Wall Street's projections of $1.34 billion. After the stock move in extended-trading on Tuesday, Pinterest erased its gains for the year. Pinterest said it recorded 600 million global monthly active users in the third quarter, ahead of the 590 million that StreetAccount was projecting. In August, Pinterest reported 578 million monthly active users for the second quarter."

Earnings per share were $0.38 adjusted versus $0.42 expected while revenue matched estimates at $1.05 billion. Third-quarter sales rose 17% year over year and net income reached $92.11 million, up 201% from a year earlier. The company projected fourth-quarter revenue between $1.31 billion and $1.34 billion, with a midpoint of $1.325 billion below Wall Street's $1.34 billion projection. Global monthly active users reached 600 million, above the 590 million projection. Adjusted EBITDA was $306 million, exceeding the $295 million estimate. U.S. and Canada sales and global ARPU came in slightly below expectations.

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