Pinterest Inc fell short of Wall Street estimates for quarterly revenue on lower...
) fell short of Wall Street estimates for quarterly revenue on lower-than-expected average revenue per user and its revised full-year sales forecast came marginally below expectations, sending its shares tumbling 20%.
Thursday’s after-market plunge is expected to wipe out a majority of the gains since the online scrapbook company’s blockbuster initial public offering in April, leaving the stock just about 6% from its IPO price. The company’s net loss widened to $124.7 million from $18.9 million a year earlier, as total costs and expenses nearly doubled to $413.4 million.
The company generates revenue by placing advertisements among pins or posts, basically ideas for clothes, décor and recipe, uploaded on the site by users.
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