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Pinterest stock (NYSE:PINS) tumbled 11% in the immediate aftermath of its fourth-quarter earnings, where the company missed revenue expectations and guided to the light side for the current quarter.
Revenues grew 12% to $981M, short of consensus expectations for $990.2M.
Pinterest (PINS) did cut total costs and expenses by 10%, providing for a big jump in net income, to $201M. Adjusted earnings per share of $0.53 topped forecasts by $0.02 per share.
Operating metrics shined brighter. Global monthly active users hit 498M — an 11% increase and well over estimates for 487M. Global average revenue per user rose 2% to $2.00 (up 6% to $8.07 in U.S./Canada; up 23% to $1.23 in Europe; and up 11% to $0.15 in Rest of World).
CEO Bill Ready called 2023 “our most productive year yet as we accelerated our product velocity and launched more solutions than ever before. Brands are responding by using our full suite of products to drive even better campaign performance.”
Revenue by region: U.S. and Canada, $779M (up 8%); Europe, $162M (up 32%); Rest of World, $41M (up 27%).
User growth by region: U.S. and Canada, 97M (up 2%); Europe, 135M (up 8%); Rest of World, 266M (up 15%).
The company guided to first-quarter revenue of $690M-$705M, vs. $702.5M expected.
Conference call to come at 4:30 p.m. ET.
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