Pinterest stock price today: profit soars but PINS falls on forecast
Investors clearly had their hopes pinned on a better forecast for Pinterest when the company announced its Q3 2024 results and Q4 forecast yesterday.
After yesterday’s closing bell, the social media image-collecting company revealed its third-quarter financials, and in premarket trading this morning, Pinterest shares (Nasdaq: PINS) are tumbling. As of the time of this writing, PINS shares are down 13% to $29.52 per share.
Why are PINS shares sinking so much before the bell? To be clear, there were some good results from the company’s Q3, including:
- Q3 revenue was up 18% year over year to $898 million.
- The platform’s global monthly active users (MAU’s) grew 11% year over year to 537 million.
- Net income grew a staggering…
