Pinterest Shares Tumble After Weak Holiday Forecast
- Pinterest projected fourth-quarter sales below estimates
- Company reported slight revenue beat for third quarter
Pinterest Inc. tumbled in late trading after forecasting weak sales for the holiday quarter, a sign the search and discovery network is struggling to keep pace with larger peers such as Meta Platforms Inc. and Snap Inc.
Fourth-quarter sales will be $1.13 billion to $1.15 billion, Pinterest said in a statement Thursday. The midpoint of that range is lower than the average projection from Wall Street analysts, according to data compiled by Bloomberg.