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Pinterest stock sank late Tuesday as Q2 earnings beat expectations but the company gave lower than expected guidance.
CNBC's Julia Boorstin joins 'Closing Bell Overtime' to talk Pinterest earnings as stock plummets.
Pinterest reported second-quarter earnings on Tuesday, and the social media company beat on both the top and bottom. The company's third-quarter sales total is projected to range from $885 million to $900 million, which equates to about 16-18% year-over-year growth.
Pinterest forecast current-quarter revenue below Wall Street expectations on Tuesday, hurt by tough competition from larger social media platforms in a stabilizing digital advertising market.
Pinterest is reportedly seeking help from news outlets and other publishers in selling ads. The social media platform is testing a new program to sell ads on Pinterest pages using an ad auction system, according to a report Monday (July 29) by Seeking Alpha, which itself cited a paywalled story by The Information.
Pinterest Inc (NYSE:PINS) is expected to meet or beat Wall Street's estimates for the second quarter with its revenue outlook for the current quarter seen as the “biggest risk” to the stock, Bank of America analysts believe. The social media platform will report its Q2 earnings on Tuesday, July 30 after the stock market closes.
RBC analyst Brad Erickson maintained an Outperform rating on Pinterest, Inc. PINS with a price target of $52.
Activist investing firm Elliott Investment Management recently bought a stake in Starbucks. Pinterest had just gone through a leadership transition two years ago when the activist firm got involved.
In the latest trading session, Pinterest (PINS) closed at $37.55, marking a -0.87% move from the previous day.
Pinterest (PINS) appears to be treading in the middle of the road, and new investors could be better off if they trade with caution.