UPDATE 1-Pinterest forecasts tepid revenue growth, shares down

(Recasts lede, adds share movement) April 27 (Reuters) - Pinterest Inc forecast second-quarter revenue growth below market estimates on Thursday, as the image-sharing platform grapples with a pullback in advertising spending. Shares of the California-based company fell 8% in trading after the bell.

Advertisers have slashed their marketing budgets over the past few months as high inflation and aggressive interest rate hikes from global central banks dim the economic outlook. Fears about the downturn have also weighed on spending from consumers, who have been prioritizing essentials.

The company's revenue rose 5% to $602.58 million. Analysts on average had expected $592.99 million, according to Refinitiv data.

Pinterest said it expects revenue growth in the current quarter to be in line with revenue growth of the first quarter. Wall Street was estimating growth of 6.15%, according to Refinitiv data.
(Reporting by Vansh Agarwal in Bengaluru; Editing by Shailesh Kuber)

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

UPDATE 1-Pinterest forecasts tepid revenue growth, shares down

By Reuters

Reuters

Reuters

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

Solid price gains for gold, silver after busy news weekend

Bitcoin remains a ‘speculative vehicle’ and ‘won’t work’ as a reserve: ‘I prefer gold’ – Ray Dalio