Pinterest's Annual Sales Forecast Falls Short; Shares Tumble
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Pinterest Inc. gave an annual sales forecast that fell short of estimates, shaking the confidence of investors who had pushed the company’s stock up more than 60% in its first month of public trading.
The digital scrap-booking company said 2019 revenue will be $1.06 billion to $1.08 billion, compared with the average analyst’s projection of $1.09 billion, according to data compiled by Bloomberg. It also projected a loss before interest, taxes, depreciation and amortization of $45 million to $70 million for the year, while some analysts projected Pinterest would be profitable on that basis. Shares fell 16% in extended trading.