Pinterest Stock Drops on Revenue Miss and Light Guidance
Pinterest (NYSE: PINS) stock was down 3.9% on Tuesday as of 12:02 p.m. ET, following the release of the image-based social media company's fourth-quarter 2022 report Monday afternoon.
The market's slightly negative reaction was attributable to Q4 revenue missing Wall Street's consensus estimate and management's first-quarter 2023 revenue guidance coming in lower than analysts had been expecting. On the positive side, its fourth-quarter adjusted earnings exceeded the consensus estimate. That said, they were still down considerably from the prior-year period.
In addition, the company announced that CFO Todd Morgenfeld will be leaving in July. His replacement has not yet been named.
Source Fool.com
