• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Pinterest Reports Disappointing Second Quarter Results

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
August 3, 2022
in Uncategorised
Share on FacebookShare on Twitter

Image sharing and social media service Pinterest reported disappointing results for its second quarter and although the results were short of estimates, the company’s shares were up on impressive user numbers.

For the second quarter, the company reported adjusted earnings of 11 cents per share, just below the estimate of 18 cents per share that analysts had forecasted, according to Refinitiv. Revenue for the quarter came in at $666 million, slightly below the $667 million that analysts had expected, according to Refinitiv.

The company revealed that global monthly active users declined by 5 percent from the same period a year ago to 433 million. Analysts were, however, expecting a steep decline to 431 million.

The company’s results mirror the difficult times that are the reality for social media companies. Companies like Meta, Snap, and Twitter all reported disappointing second-quarter earnings results. The common factor that led to this decline was a declining advertising market.

For the third quarter, Pinterest expects that revenue will grow “mid-single digits on a year-over-year percentage basis.” Analysts, on the other hand, forecast it to increase by 12.7 percent. The company also emphasized in its shareholders’ letter that economic challenges are taking a toll on advertising spending. “The macroeconomic environment has created meaningful uncertainty for our advertiser partners.” Pinterest said it saw “lower than expected demand from U.S. big box retailers and mid-market advertisers, who pulled back ad spend due to concerns about weakening consumer demand.”

The company revealed that its guidance for the third quarter takes into consideration “slightly greater foreign exchange headwinds” compared to the previous quarter.

The company also recently saw a change in leadership. Its CEO Ben Silbermann stepped down and was succeeded by Bill Ready who previously led Google’s commerce unit. The new CEO has a track record working for global companies. While he spent about three years at Google, Bill Ready once held the roles of executive vice president and chief operating officer at PayPal.

Related Posts:

  • Pinterest Reports Impressive Quarterly Results, The Positive Sign Needed By Investors
    Pinterest Reports Impressive Quarterly Results, The…
  • Snap Inc. Reports Disappointing Second Quarter…
  • Zoom’s Fiscal Second Quarter Revenue Falls Below…
  • Etsy Surpasses Second Quarter Estimates, Shares Soar More Than 15 Percent
    Etsy Surpasses Second Quarter Estimates, Shares Soar…
  • Meta Reports Disappointing Second Quarter Earnings Report
    Meta Reports Disappointing Second Quarter Earnings Report
  • elon-musk-solar-roofs1
    Roku Shares Plunge 25 Percent After Earnings Results…
  • Snowflake_Booth_WC_0294e9a31a
    Snowflake Reports Impressive Third Quarter, Shares…
  • DoorDash Shares Pop 18 Percent On Impressive Second…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • NCC Requires Telecoms to Compensate for 24-Hour+ Outages May 26, 2025
    • Vietnam Will Soon block Telegram, App Owners are Surprised May 24, 2025
    • Widespread Downtime Reported By X Users May 24, 2025
    • MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market May 24, 2025
    • Meta Quest’s Headgear Will Soon Support 3D Instagram Images May 24, 2025
    • Mozilla To Shut Down Pocket To Concentrate On Firefox May 24, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok