Down 68%, Is It Time to Buy Pinterest Stock?
Shares of Pinterest (NYSE: PINS) have fallen 68% from the previous peak, but the image-based social media app is reporting much better growth than a year ago.
Accelerating revenue growth and prospects for an improving advertising market have pushed the stock up 17% this year, but Pinterest is not out of the woods yet. Its strategy to launch shoppable ads on its platform puts it in more direct competition with Meta Platforms' Instagram, but Pinterest has one advantage that could drive more growth for investors.
Despite a soft advertising market, Pinterest reported two consecutive quarters of accelerating top-line growth in the first and second quarters of 2023. Wall Street analysts expect revenue to increase by 8% for the full year before accelerating to 15% next year.
Source Fool.com
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