Shares of Pinterest (NASDAQ:PINS) plunged in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $0.08, which beat analysts’ consensus estimate of $0.01 per share. Sales increased by 4.8% year-over-year, with revenue hitting $602.58 million. This beat analysts’ expectations by over $9 million.
Pinterest reported that its monthly active users were up 7% against this time last year, reaching a total of 463 million. Further, Pinterest management also offered some projections for second-quarter 2023 revenue, suggesting that growth rates would remain about the same. It also projected that expenses would grow at about the same rate as well. Tapered Snap Ring
Brass Wave Washer Overall, Wall Street has a consensus price target of $28.95 on Pinterest stock, implying 6.26% upside potential, as indicated by the graphic above.