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Pinterest CEO Ben Silbermann speaks in conversation with Matthew Lynley of TechCrunch during the TechCrunch Disrupt SF 2017 on September 18, 2017 in San Francisco, California.
Justin Sullivan | Getty Images News | Getty Images
Shares of Pinterest fell as much as 9% in after-hours trading on Tuesday after the company reported disappointing user growth its first quarter results.
- Loss per share: 10 cents, excluding certain items
- Revenue: $272 million
Analysts surveyed by Refinitiv expected a loss of 9 cents per share and $270.1 million in revenue for the first quarter. However, comparing Pinterest’s results against analysts’ estimates is not straightforward given the coronavirus pandemic’s impact on economies around the world.
Pinterest’s user base grew to 367 million monthly active users, up 26% from last year. That remained stagnant compared to the company’s user growth during the fourth quarter. User growth in the U.S. was up 6% compared to a year prior, down from the 8% growth the company saw in the U.S. during the fourth quarter.
By comparison, social media rivals Facebook and Snap reported upticks in user growth as more people remain shelter-in-place and turning online to connect with friends as a result of the coronavirus pandemic.
The company’s revenue came in at $272 million, up nearly 35% from the $201.9 million the company reported in the first quarter of 2019.
“While we’ve been adapting to the current environment, we will continue to invest in our strategic priorities of content, ads diversification, use case expansion and shopping,” Pinterest CFO Todd Morgenfeld said in a statement. “We’re committed to delivering inspiration to our users and measurable results to businesses.”
