Pinterest Suffers Worst Rout Since April 2023 on Weak Forecast
- Company has been working to improve shopping advertising
- Second-quarter revenue beat analysts’ average estimates
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Pinterest Inc. warned that revenue in the current quarter will be lower than analysts’ predictions, sending the shares on their biggest plunge in more than a year.
Pinterest expects third-quarter revenue of $885 million to $900 million, lower than analysts’ estimates of $907.7 million. Chief Financial Officer Julia Brau Donnelly cited several factors for the weak guidance, including foreign currency exchange rates, as well as food and beverage advertisers spending less than expected, during a call with analysts.