Pinterest user growth slows as lockdown frenzy fades

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Pinterest app is seen connected a smartphone successful this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

Nov 4 (Reuters) - Pinterest Inc (PINS.N) forecast fourth-quarter gross maturation successful the high-teens percent range, aft online retailers splurging connected ads earlier the vacation play helped the image-sharing institution bushed quarterly estimates.

Shares of the institution roseate 1.4% aft the doorbell connected Thursday, arsenic it saw accrued request from ample retail advertisers and maturation successful its planetary concern during the quarter.

Total gross surged 43% to $633 million, supra analysts' mean estimation of $630.9 million, according to IBES information from Refinitiv.

However, monthly progressive users (MAU) grew conscionable 1% to 444 million, missing Factset estimates of 460 million. Last year, the institution had notched a 37% surge arsenic users stuck astatine location turned to societal media to support themselves entertained.

"We judge the slowdown was owed to the pandemic unwind," Chief Financial Officer Todd Morgenfeld said successful an interview. Many GenZ users are returning to school, portion others who had utilized the app to research cooking and location decor projects during lockdowns are present venturing retired more, helium added.

Still, successful a motion that the pandemic-accelerated displacement to online buying whitethorn beryllium present to stay, Pinterest's users, called "pinners", utilizing the app's buying features accrued 60% from a twelvemonth ago.

Net income was $94 million, oregon 14 cents per share, during the 4th ended Sept. 30, compared with a nonaccomplishment of $94.2 million, oregon 16 cents per share, a twelvemonth ago.

Excluding items, it gained 28 cents per share, supra estimates of 23 cents per share.

Reporting by Nilanjana Basu and Nivedita Balu successful Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.

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