On the morning of Pinterest’s initial public offering on April 18, 2019, a banner for online image board Pinterest Inc. hangs on the New York Stock Exchange.

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Shares of Pinterest fell 12% after the company reported revenue that missed analysts’ expectations and issued a soft first-quarter outlook.

Here’s how the company did it.

  • income: $877 million vs. $886.3 million expected, according to Refinitiv.
  • income: 29 cents per share versus expectations of 27 cents, according to Refinitiv

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Pinterest said it expects first-quarter sales to increase in the “low single digits” compared to last year. Analysts expected growth by 6.9% to 614.8 million dollars.

The company said its chief financial officer and chief operating officer, Todd Morgenfeld, will leave the company on July 1, 2023.

Pinterest’s fourth-quarter sales rose 4% year-over-year to $877 million, and total sales for 2022 rose 9% year-over-year to $2.8 billion.

Pinterest posted net income of $17 million in the fourth quarter, but posted a net loss of $96 million for 2022.

“While the industry as a whole faces challenges, we are adapting quickly to the changing macro environment and are committed to creating a more positive online experience for our users and advertisers,” Pinterest CEO Bill Reddy said in a statement.

Pinterest’s fourth-quarter earnings came after many ad-supported companies reported tepid results.

Meta reported last week that its fourth-quarter sales fell 4% year-on-year to $32.17 billion, while Alphabet said its Google advertising unit reported $59.04 billion in sales. in the fourth quarter, which is 3.6% less than in the same quarter last year. Also, Alphabet’s YouTube division’s fourth-quarter revenue fell 8% year-over-year to $7.96 billion.

Snap said its fourth-quarter sales rose slightly year-over-year to $1.30 billion, missing analysts’ expectations of $1.31 billion.

Amazon’s digital advertising division was a bright spot in the fourth quarter, with sales from that unit up 19% year-over-year to $11.6 billion.

Pinterest reportedly laid off about 150 employees last week, joining a growing list of tech companies like Meta, Alphabet and Salesforce that have laid off employees in recent months.

In August, Elliott Management confirmed it was a major investor in Pinterest and expressed support for the company’s new CEO, Bill Reddy, who previously ran Google’s commercial business.

Ready joined Pinterest in June 2022, succeeding longtime CEO Ben Silberman, who co-founded the company in 2010.

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