Could 2023 Be a Pivotal Year for This Stock?
It's been an interesting few years for Pinterest (NYSE: PINS). Its user base grew rapidly as the COVID-19 pandemic worsened in 2020 and 2021, and its stock soared to new all-time highs.
But over the past year or so, the return to (mostly) normal life has left people with less time to use social media platforms, and recession fears could cause advertisers to pump the brakes on spending. As a result, Pinterest's stock price has tumbled by 70% from the highs.
However, there are a few good reasons to be excited. For one thing, the decline in the user base we saw as COVID-19 restrictions relaxed appears to have been temporary, as the company reported user growth in the third quarter of 2022. More importantly, Pinterest has a new CEO with one major goal in mind: turn the company into a major e-commerce player.
Source Fool.com
