Why Pinterest Stock Dropped Today
Shares of Pinterest (NYSE: PINS) were moving lower today after the company posted a wider-than-expected loss in its first-quarter earnings report and warned that revenue had continued to decline in April as advertisers have been impacted by the COVID-19 pandemic. The stock was trading down 12.6% as of 11:32 a.m. EDT.
Pinterest reported strong user growth in the period as global monthly active users rose 26% to 367 million, with nearly all of the growth coming from international markets. Top-line growth was solid, as well, as revenue increased 35% to $271.9 million, which edged out expectations of $270.1 million.
Image source: Pinterest.
Source Fool.com
