Despite beating third-quarter earnings estimates, Pinterest's shares dropped 15% after it provided a softer fourth-quarter revenue outlook, which disappointed investors.
Pinterest reported third-quarter revenue of $898 million, surpassing expectations, although its guidance for the fourth quarter projected revenue of only $1.135 billion, lower than analyst estimates.
The company's net income soared by 354% year over year, reaching $30.56 million, driven by an 18% increase in sales compared to last year.
Pinterest's board authorized a $2 billion share buyback, which demonstrates the company's commitment to returning value to shareholders amidst fluctuating stock performance.
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