Pinterest jumps after earnings beat

Pinterest jumps after earnings beat


Pedestrians pass in front of Pinterest signage displayed outside of the New York Stock Exchange.

Michael Nagle | Bloomberg | Getty Images

Pinterest jumped in after-hours trading Wednesday after the social media company reported first quarter 2022 earnings that beat analyst expectations.

The stock was up more than 6%.

Here’s how Pinterest did versus Refinitiv consensus estimates:

  • EPS: 10 cents adjusted vs 4 cents expected
  • Revenue: $575 million vs $573 million

Pinterest said it expects second quarter revenue to grow about 11% year over year.

Pinterest said its global monthly active users decreased 9% from the same period a year ago to 433 million. Investors anticipated 437.9 million total monthly active users, according to FactSet and StreetAccount. The company attributed the decline largely to pandemic growth in the year-ago quarter and lower search traffic, driven by Google’s algorithm change in November 2021.

Global average revenue per user came in at $1.33, up 28% from last year. Wall Street had expected ARPU of $1.31, according to FactSet and StreetAccount’s preview.

Before the company posted the report, Pinterest stock dipped nearly 3% in trading Wednesday. Investors have been nervous about macroeconomic conditions such as the war in Ukraine and supply chain issues that have impacted some advertising businesses. Apple’s iPhone privacy changes and inflation have also hampered some marketers.

Competitor Snap, for example, said last week it could continue to face a challenging operating environment that leads customers to pause their campaigns or reduce advertising budgets. Google’s YouTube on Tuesday also reported disappointing ad results. The company’s ad revenue of $6.87 billion trailed the $7.51 billion Wall Street expected, according to StreetAccount.

In its shareholder letter, Pinterest said the trends leading to its revenue growth “were offset by macro headwinds, including supply chain issues and other factors, which continued to impact one of our largest segments, CPG advertisers, as well as some mid-market advertisers.”

“In Europe, Russia’s invasion of Ukraine compounded a difficult macro environment, impacting many of our advertisers in that region,” the company added.

Subscribe to CNBC on YouTube.



Source

Senate passes GENIUS stablecoin bill, giving crypto industry first major legislative win
Technology

Senate passes GENIUS stablecoin bill, giving crypto industry first major legislative win

The World Liberty Financial website arranged on a smartphone in New York, US, on Wednesday, Feb. 12, 2025.  Gabby Jones | Bloomberg | Getty Images The Senate on Tuesday passed the GENIUS Act, a landmark bill that for the first time establishes federal guardrails for U.S. dollar-pegged stablecoins and creates a regulated pathway for private […]

Read More
AWS’ custom chip strategy is showing results, and cutting into Nvidia’s AI dominance
Technology

AWS’ custom chip strategy is showing results, and cutting into Nvidia’s AI dominance

Amazon Web Services is set to announce an update to its Graviton4 chip that includes 600 gigabytes per second of network bandwidth, what the company calls the highest offering in the public cloud. Ali Saidi, a distinguished engineer at AWS, likened the speed to a machine reading 100 music CDs a second. Graviton4, a central […]

Read More
JPMorgan moves further into crypto with stablecoin-like token JPMD
Technology

JPMorgan moves further into crypto with stablecoin-like token JPMD

Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co., speaks to the Economic Club of New York in Manhattan, New York City, on April 23, 2024. Mike Segar | Reuters JPMorgan Chase is taking a step further into the cryptocurrency space with its own stablecoin-like token, called JPMD. The U.S. banking giant told CNBC […]

Read More