Pinterest Swings to $46.7M Q2 Loss, Shares Drop 7.7% After Hours
PINS sits 68% above its 52-week low of $13.84.
Summary
Pinterest reported a Q2 net loss of $46.7 million, reversing a $38.8 million profit a year ago, despite 18% revenue growth to $1.18 billion. The loss was driven by surging share-based compensation and restructuring costs, as detailed in the 10-Q filed today. Shares fell 7.7% after hours to $23.60, reflecting disappointment with the bottom-line miss. This follows a pattern of heavy insider selling by co-founder Benjamin Silbermann and a recent $4 billion AWS commitment. The Q3 guidance was above expectations, but the market is focused on the widening losses.
At the time of this announcement, PINS was trading at $23.20 on NYSE in the Technology sector, with a market capitalization of approximately $14.3B. The 52-week trading range was $13.84 to $39.83. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: dpa-AFX.