Why Pinterest Shares Are Moving After Snap Earnings

Pinterest Inc PINS shares are trading lower by 9.71% to $20.73 Friday morning. Shares of social media companies are trading lower in sympathy with Snap Inc SNAP, which gave an uncertain fourth-quarter outlook and reported a decrease in time spent watching content in the U.S.

What Happened?

Snap reported third quarter revenue of $1.128 billion, up 6% year-over-year. The total came in ahead of a Street estimate of $1.12 billion, according to data from Benzinga Pro.

The company reported earnings per share of 8 cents in the third quarter, beating a Street estimate of a loss of 1 cent per share.

Meanwhile, CEO Evan Spiegel said Snap will continue to “navigate this volatile macroeconomic environment” moving forward with its community of 363 million daily active users...Read More

According to data from Benzinga Pro, Pinterest has a 52-week high of $66.00 and a 52-week low of $16.14.