Pinterest Stock Is Sliding Today: What's Going On?

Pinterest Inc PINS shares are trading lower Wednesday on the heels of the company's second-quarter report. Multiple analysts are out with positive updates following the print.

What Happened: Pinterest said second-quarter revenue increased 6% year-over-year to $708 million, which beat the consensus estimate of $696.06 million. The company reported a quarterly adjusted earnings of 21 cents per share, which beat estimates of 12 cents per share.

Global monthly active users increased 8% year-over-year to 465 million. 

Adjusted EBITDA was $107 million. Total costs and expenses during the quarter came in at $781 million, up 11% year-over-year. 

Pinterest noted that it completed its $500 million buyback in the second quarter. 

"In Q2, we continued to build momentum with consumers and advertisers while further accelerating our pace of innovation," said Bill Ready, CEO of Pinterest.

"Over the past year, we've been laser-focused on our key differentiators and we're seeing results. Users are coming back more often and engaging more deeply, Pinterest is increasingly shoppable and actionable, and we're delivering better and more measurable performance for our advertisers."

Pinterest said it expects third-quarter revenue to grow in the high single-digits range year-over-year. 

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Analyst Changes:

• Wolfe Research analyst Deepak Mathivanan maintained Pinterest with an Outperform rating and raised the price target from $33 to $35.
• Barclays analyst Ross Sandler maintained Pinterest with an Equal-Weight rating and raised the price target from $26 to $27.
• Rosenblatt analyst Barton Crockett upgraded Pinterest from Neutral to Buy and raised the price target from $27 to $35.

PINS Price Action: Pinterest shares were down 3.42% at $27.97 at the time of publication, according to Benzinga Pro.

Photo: Souvik Banerjee from Pixabay.