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UPDATE 1-Pinterest forecasts tepid revenue growth, shares down

Kitco Media
By Reuters
Published:
Updated:
Reuters
(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)

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