Pinterest Inc's shares slumped as much as 17% on Friday after the online sc...
- Pinterest Inc’s shares slumped as much as 17% on Friday after the online scrapbook company’s disappointing annual forecast shook investors’ faith in its ability to turn in a profit soon.
The fall in shares after Pinterest’s first quarterly results as a public company took some of the shine off its successful stock market debut last month. Up to Thursday, Pinterest’s shares had risen 62% since their April 18 opening. “We continue to believe that Pinterest’s early-stage international and self-serve offerings provide meaningful growth drivers over time, but they require strong, sustained execution and Pinterest cannot simply flip a switch on either one,” JPMorgan analysts said in a statement.“We see low daily engagement relative to peers will limit average revenue per user potential,” Rosenblatt Securities analyst Mark Zgutowicz said.
In the first quarter, Pinterest’s net loss narrowed to $41.4 million in the quarter ended March 31 from $52.7 million a year earlier.
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