Pinterest Inc.\u2019s stock initially plummeted 23% before rallying in extended trading Thursday after it reported a revenue miss.<\/p>\n
Pinterest\u00a0 Revenue improved 12% to $981.3 million, from $877.2 million a year ago.<\/p>\n Analysts surveyed by FactSet had expected, on average, net earnings of 52 cents a share on revenue of $991 million.<\/p>\n \u201cWe had a strong Q4, bookending a transformative year for Pinterest,\u201d 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.<\/p>\n Ad spending played a big role in the earnings report <\/strong>as they did for Facebook parent Meta Platforms Inc.\u00a0 Pinterest executives project first-quarter revenue of between $690 million and $705 million. FactSet analysts expect $702 million in first-quarter revenue.<\/p>\n Shares of Pinterest have surged 64% over the last year, while the broader S&P 500 index\u00a0
\n PINS,
\n
\n <\/a>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.<\/p>\n
\n META,
\n
\n \u00a0Alphabet Inc.\u2019s\u00a0
\n GOOGL,
\n
\n <\/a>
\n GOOG,
\n
\n Google and Snap Inc.\u00a0
\n SNAP,
\n
\n SPX<\/a>
\n has increased 22%.<\/p>\n<\/p><\/div>\n<\/div>\n