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Why Pinterest Stock Tanked Today

TheMotleyFool

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Shares of image-browsing platform Pinterest (NYSE: PINS) tanked on Friday after the company reported financial results for the third quarter of 2024. As of 11:15 a.m. ET, Pinterest stock was down 15% and approaching 52-week lows. And investors could be perplexed by this, considering its Q3 financial results beat expectations.

For context, Pinterest had 537 million monthly active users at the end of Q3, an all-time high. And higher revenue per user led to 18% year-over-year revenue growth. Moreover, it had net income of over $30 million, which was higher than expected.

However, Pinterest's ad pricing fell by 17%, and that's why the stock tanked today.

Source Fool.com

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