Why Pinterest Stock Is Falling

Pinterest Inc PINS shares are trading lower in Thursday’s after-hours session in sympathy with social media peer Snap Inc SNAP, which reported worse-than-expected financial results.

Snap said second-quarter revenue increased 13% year-over-year to $1.11 billion, which missed the estimate of $1.14 billion, according to data from Benzinga Pro. The social media company reported a quarterly loss of 2 cents per share, which missed the estimate for a loss of 1 cent per share.

Daily active users increased 18% year-over-year to 347 million.

Given uncertainties related to the operating environment, Snap said it would refrain from providing third-quarter revenue and adjusted EBITDA guidance.

Pinterest is an online product and idea discovery platform that helps users gather ideas. The company is scheduled to report its second-quarter financial results after the market closes on Aug. 1.

PINS Price Action: Pinterest has a 52-week high of $77.92 and a 52-week low of $16.14.

The stock was down 6.88% in after hours at $19.50 at press time.

Photo: Photo Mix from Pixabay.

Image and article originally from www.benzinga.com. Read the original article here.