Pinterest shares sank 12% after the company reported fourth-quarter revenue that missed analyst expectations.
Here’s how the company did.
Revenue: $877 million vs. $886.3 million expected, according to Refinitiv.Earnings: 29 cents per share vs. 27 cents expected, according to Refinitiv
Pinterest’s fourth-quarter earnings come after many ad-supported companies reported tepid results.
Meta said last week that its fourth-quarter sales dropped 4% year-over-year to $32.17 billion while Alphabet said its Google advertising unit logged $59.04 billion in fourth quarter sales, a 3.6% drop from the same quarter last year. Additionally, revenue in Alphabet’s YouTube unit sank 8% year-over-year to $7.96 billion in the fourth quarter.
Snap said its sales in the fourth quarter was slightly up year-over-year to $1.30 billion, which missed analyst expectations of $1.31 billion.
Amazon’s digital advertising unit represented a bright spot during the fourth quarter, with sales in that unit jumping 19% year-over-year to $11.6 billion.
Pinterest reportedly laid off around 150 employees last week, joining the growing list of technology companies like Meta, Alphabet and Salesforce that have fired workers in recent months.
In August, Elliott Management confirmed that it was Pinterest’s top investor and voiced support for the company’s new CEO Bill Ready, who formerly led Google’s commerce business.
Ready joined Pinterest in June 2022, replacing the longtime CEO Ben Silbermann, who co-founded the company in 2010.