Pinterest Tumbles on Weak Sales Projection After Layoffs

Pinterest Inc. shares fell by the most in more than three years after the company projected current-quarter sales that fell short of Wall Street estimates, the latest in a rocky period marked by layoffs and a pivot toward artificial intelligence products.

First-quarter revenue is expected to be $951 million to $971 million, the search and discovery company said Thursday in a statement. The range was lower than the average analyst estimate of $981 million, according to Bloomberg-compiled data.