Pinterest loss at US$41m, shares tank by 15pc

Business | 17 May 2019 3:59 pm

Pinterest Inc shares dropped by more than 15 percent in after-hours US trading Thursday, after the company reported larger losses than expected in its first quarterly earnings report since its initial public offering.

Pinterest reported a net loss of US$41.4 million, or 33 US cents a share, on revenue of US$201.9 million, up from US$131 million a year ago that the company reported in filings for its IPO. After adjusting for stock-based compensation and other effects, the company claimed losses of 32 US cents a share. Analysts on average expected adjusted losses of 11 US cents a share on sales of US$200.7 million, according to FactSet.

Pinterest  went public in April at US$19 a share, and has experienced volatility amid a solid rise since. Shares closed Thursday with a 7.8 percent gain at US$30.86, and have now increased or declined more than 4 percent in half of Pinterest’s 20 trading sessions thus far.

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