Shares of Pinterest (NYSE: PINS) plummeted as much as 19% following the Company’s first quarterly-earnings report after going public last month.
“The IPO was a significant milestone, but our focus at Pinterest hasn’t changed. We want to help people discover inspiring ideas for every aspect of their lives, from fashion and home decor to travel and fitness,” said Ben Silbermann, Pinterest Co-Founder, President and CEO.
The digital-scrapbooking platform announced a wider-than-expected loss of USD .32 cents a share, compared to Wall Street’s forecast of USD .11. Revenue rose 54% to USD 201.9 Million, exceeding expectations of USD 200.6 Million. Pinterest said it expects full-year sales to fall between USD 1.06 Billion and USD 1.08 Billion, below the $1.09 billion analysts had been forecasting.
The Company, which has over 290 million active users, increased its worldwide average revenue per user from USD .58 in quarter 1 of 2018 to USD .73 in quarter 1 of this year. It saw the most growth internationally. Revenue from foreign markets rose 114% year-over-year, from USD 7 Million to USD 15 Million. U.S. revenue grew 51% from USD 124 Million in quarter 1 of 2018 to USD 187 Million in quarter 1 this year.
Pinterest went public on April 18 at USD 19 a share and closed at USD 24.40 a share its first day of trading. The stock has since risen as high as USD 35.29 in late April. Following its earnings release Thursday, shares fell as low as USD 24.85 a share—31% above its offering price, 30% below its peak.