Pinterest jumps after earnings beat

10 cents adjusted vs 4 cents expectedPinterest said it expects second quarter revenue to grow about 11% year over year.

Pinterest said its global monthly active users decreased 9% from the same period a year ago to 433 million. Investors anticipated 437.9 million total monthly active users, according to FactSet and StreetAccount. The company attributed the decline largely to pandemic growth in the year-ago quarter and lower search traffic, driven by Google's algorithm change in November 2021.

Global average revenue per user came in at $1.33, up 28% from last year. Wall Street had expected ARPU of $1.31, according to FactSet and StreetAccount's preview. Before the company posted the report, Pinterest stock dipped nearly 3% in trading Wednesday. Investors have been nervous about macroeconomic conditions such as the war in Ukraine and supply chain issues that have impacted some advertising businesses.

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