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.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »