Pinterest Inc. (PINS) shares declined 19.07% in after-hours on Thursday, July 29, 2021, and closed the daily trading at $58.30 per share. in the regular trading session on Thursday, PINS stock lost 6.01%. PINS shares have risen 188.74% over the last 12 months, and they have moved down 0.92% in the past week. Over the past three months, the stock has gained 5.62%, while over the past six months, it has shed 5.15%. PINS has a current market of $43.37 billion and its outstanding shares stood at 628.59 million.
Let’s have a look at its recent news and developments.
PINS financial results announcement
On July 29, 2021, Pinterest, Inc (PINS) released its financial results for the second quarter ended June 30, 2021.
Q2 2021 financial highlights
- Pinterest, Inc reported a revenue of $613 million in Q2 2021 compared to $272.5 million in Q2 2020.
- GAAP net income was $69 million for Q2 2021 compared to $38.35 million in Q2 2020.
- In Q2 2021, Adjusted EBITDA was $178 million compared to $34 million in Q2 2020.
Q3 2021 financial outlook
- PINS is expecting that Q3 revenue will grow in the low-40% range year over year.
- The company is expecting that Q3 operating expenses will grow modestly
- MAUs have declined approximately 7% and global MAUs have grown approximately 5% year over year*.
PINS new Creator Tool
On July 27, 2021, Pinterest (PINS) unveiled a new tool that lets multimedia content creators make their Idea Pins shoppable and earn money from affiliate programs.
Idea Pins to coming to more countries
On June 30, 2021, Pinterest, Inc announced that it is expanding Idea Pins, its multi-page video Pin format, to all creators to many other countries such as India, Indonesia, Spain, Italy, Ireland, New Zealand, Brazil, Mexico, Argentina, Chile, Columbia, Peru, Japan, and Sweden. This new access and capability will empower anyone with a business account in these countries to create inspiring content and closer interaction with their audiences, building more engaged communities directly on Pinterest.
PINS Global Expansion & Shopping List feature
On June 7, 2021, Pinterest revealed a new Shopping List feature and an upcoming online pop-up-style event, along with the global expansion of shopping to more regions, to get more shoppers on its website.
Shopping List launches in the U.S. and the U.K. first, with Australia, Canada, France and Germany to follow later this year.
Conclusion
The recent financial results were announced yesterday but the Pinterest stock went down after the company reported that the number of active users is declining and the Q3 financial outlook seems gloomy as well.
