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Pinterest Inc.’s stock initially plummeted 23% before rallying in extended trading Thursday after it reported a revenue miss.

Pinterest 
PINS,
-0.27%

reported fiscal fourth-quarter net income of $201.2 million, or 29 cents a share, compared with net income of $17.5 million, or 3 cents a share, in the year-ago quarter. Adjusted earnings were 53 cents a share.

Revenue improved 12% to $981.3 million, from $877.2 million a year ago.

Analysts surveyed by FactSet had expected, on average, net earnings of 52 cents a share on revenue of $991 million.

“We had a strong Q4, bookending a transformative year for Pinterest,” Pinterest Chief Executive Bill Ready said in a statement announcing the numbers. Global monthly active users rose 11% to an all-time high of 498 million year over year.

Ad spending played a big role in the earnings report as they did for Facebook parent Meta Platforms Inc. 
META,
+0.09%
,
 Alphabet Inc.’s 
GOOGL,
+0.25%


GOOG,
+0.37%

Google and Snap Inc. 
SNAP,
-2.72%
.

Pinterest executives project first-quarter revenue of between $690 million and $705 million. FactSet analysts expect $702 million in first-quarter revenue.

Shares of Pinterest have surged 64% over the last year, while the broader S&P 500 index 
SPX
has increased 22%.

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