.July 31, 2024 05:41:00 PM

Pinterest, Inc. (NYSE:PINS) shares dropped 14% after a disappointing Q3 outlook. Q2 revenue was $854 million, up 21% YoY, beating expectations. Adjusted EPS was $0.29, slightly above estimates.

Pinterest hit 522 million global monthly active users, up 12% from last year. CEO Bill Ready highlighted successful monetization strategies, including improved advertiser performance and increased share of ad budgets from major brands, thanks to AI-powered products.

For Q3, Pinterest forecasts revenue of $885-900 million, a 16-18% YoY growth. This falls short of the $908 million analyst consensus, causing a significant stock price decline.