Pinterest Inc PINS is trading significantly lower Friday morning despite announcing better-than-expected second-quarter financial results. The company reported 454 million monthly active users and average revenue per user of $1.32.
Pinterest reported quarterly earnings of 25 cents per share, which beat the estimate of 13 cents per share. The company reported quarterly revenue of $613.21 million, which beat the estimate of $561.88 million.
Pinterest said it expects third-quarter revenue to grow in the low 40% range year over year.
The company noted that U.S. monthly active users declined 7% in July.
“Our second quarter results reflect both the strength of our business and the recent shift in consumer behavior we’ve seen as people spend less time at home,” said Ben Silbermann, co-founder and CEO of Pinterest.
Price Action: Pinterest has traded as high as $89.90 and as low as $24.24 over a 52-week period.
At last check Friday, the stock was down 20.20% at $57.49.
See also: Buy Pinterest (PINS) Stock
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