Pinterest Tumbles After User Growth Slows as Lockdowns Ease
- In the U.S., monthly active users dropped 7% from a year ago
- Revenue in the second quarter doubled, beating expectations
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Pinterest Inc. tumbled the most in sixteen months Friday after reporting fewer users logging into the visual search service in the second quarter.
The company said it had 454 million monthly active users in the last quarter, fewer than analysts had estimated and down from 478 million in the first three months of the year, signaling its pandemic-fueled surge has come to an end. Pinterest didn’t give a forecast of MAUs for the third quarter, citing “the evolution of the Covid-19 pandemic and related restrictions,” which remain unknown. The shares fell as much as 18%, the most since March 2020.