Why Pinterest Stock Plunged Today
Shares of Pinterest (NYSE: PINS) fell 14.5% on Wednesday, following the release of the social media platform's first-quarter results.
Pinterest's revenue rose 78% year over year to $485 million, besting Wall Street's forecast of $474 million. With people spending more time online during the pandemic, businesses flocked to the image-sharing site to advertise their wares. Pinterest's expansion outside the U.S. also contributed to the gains.
"This quarter, we continued strong growth internationally, including our recent launch of advertising in Brazil, and made significant progress with shopping, making it easier for people to discover and buy products they find on Pinterest," CEO Ben Silbermann said in a press release.
Source Fool.com
