Shares Pinterest Tanking After-Hours, What's Going On?

Shares of Pinterest Inc PINS are trading lower in the after-hours session Thursday after the company reported first-quarter financial results, here’s what investors need to know.

By The Numbers: PINS reported first-quarter earnings of 8 cents per share, which came ahead of the 2-cent consensus estimate, on revenues of $603 million, which came ahead of the $592.6 million consensus estimate.

The social network ended the quarter with $1.65 billion in cash and cash equivalents as of March 31, 2023.

“In Q1, we grew our business globally through improved content relevance, shoppability, and by delivering strong results for our advertisers,” said Pinterest CEO Bill Ready. “Today, we’re taking meaningful steps towards expanding our ads business by opening up third-party ad demand on Pinterest, starting with Amazon as our first partner.”

The company also said its global monthly active users increased 7% year over year to 463 million.

PINS Price Action: The stock has a 52-week high of $29.27 and a 52-week low of $16.14. Shares are trading 8.2% lower to $25.02 during the after-hours session, according to data from Benzinga Pro.

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