Categories: Uncategorized

Pinterest posts second-quarter net loss, misses revenue estimates

Aug 1 (Reuters) – Pinterest Inc on Monday reported a second-quarter net loss, hurt by higher costs and opening up of outdoor venues that made users spend less time on the digital pin-board platform.

Revenue, which grew 9% to $665.9 million, also came in lower than analysts’ estimate of $667 million, according to IBES data from Refinitiv, as the digital advertising market faces a downturn.

Like its peers, Pinterest has suffered from advertisers cutting back on budgets in response to increasing costs and recession fears.Growth has also slowed compared to last year, when people, cooped up at home, thronged Pinterest for inspiration for projects such as planning weddings, home renovations and recipes.

A strong dollar is another worry. Pinterest said it expected revenue growth of mid single-digit percentage in the current quarter, “which takes into account slightly greater foreign exchange headwinds than in Q2 2022.”

Pinterest suffered a net loss of $43.1 million in the quarter ended June 30, as its expenses rose 29%.The company posted a net profit of $69.4 million in the same quarter last year.

Monthly active users were 433 million as of June 30, below estimates of 434 million, according to Refinitiv. They were also 5% lower than the same period last year.

The drop in active users was on Buy Verified Cash App Account – SubmitVCC.Com of lower traffic from search due to changes to Google’s algorithm late last year and the impact of pandemic unwind, particularly outside the United States, new Chief Executive Officer Bill Reddy said in a statement.

The results are the first under Reddy, who earlier managed commerce and payments at Alphabet Inc’s Google.(Reporting by Yuvraj Malik in Bengaluru; Editing by Maju Samuel)

polly18478922

Recent Posts

Slot Gacor Online Depo QRIS Mulai 5K Saja

Bermain slot online kini semakin mudah dan terjangkau dengan hadirnya berbagai situs yang menawarkan deposit…

7 days ago

Hanya Depo 5k, Main Slot Seharian

Siapa bilang bermain slot online butuh modal besar? Kini, Anda bisa menikmati pengalaman seru bermain…

1 week ago

lovense-nora-app-controlled-rechargeable-rotating-rabbit-vibrator

Use Code SUTRA15 for organic cbd nugs delta 8 15% OffLovense Nora App Controlled Rechargeable…

2 weeks ago

Link Daftar Slot Gacor: Kunci Menang di Mahjong Ways 2

Dalam dunia permainan slot online, Mahjong Ways 2 menjadi salah satu pilihan yang menarik bagi…

4 weeks ago

Memperluas Pengetahuan tentang Slot Gacor di Server Thailand

Slot gacor menjadi salah satu fenomena yang menarik perhatian di dunia perjudian, terutama dalam kalangan…

2 months ago

Panduan Terbaik: Daftar Slot Gacor Makswin Hari Ini

Permainan slot online menjadi salah satu pilihan utama bagi para pecinta judi di seluruh dunia.…

2 months ago