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May 16, 2019

Pinterest's annual sales forecast falls short; shares tumble

The Pinterest Inc. application is displayed on an Apple Inc. iPhone in this arranged photograph taken in Little Falls, New Jersey, U.S.

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Pinterest Inc. (PINS.N) gave an annual sales forecast that fell short of estimates, shaking the confidence of investors who had pushed the social-media company’s stock up more than 60 per cent in its first month of public trading.

The digital scrap-booking company said 2019 revenue will be US$1.06 billion to US$1.08 billion, compared with the average analyst’s projection of US$1.09 billion, according to data compiled by Bloomberg. Shares fell 13 per cent in extended trading.

Pinterest makes money from advertising and markets itself as a way for brands and retailers to reach consumers at the inspiration phase of the shopping process. The company has been a bright spot in the tech industry’s rocky IPO season, in which highly anticipated public offerings from ride-hailing startups Uber Technologies Inc. and Lyft Inc. have disappointed. Pinterest’s stock jumped 28 per cent in its first day of public trading on April 18, and closed at US$30.86 on Thursday, 62 per cent higher than its IPO price.

First-quarter sales rose 54 per cent to US$201.9 million, better than analysts’ average estimate of US$200.8 million. The net loss for the period narrowed to US$41.4 million, or 33 cents a share, Pinterest said Thursday in a statement. The loss excluding some items was 32 cents a share. Analysts projected an adjusted loss of 10 cents a share.