Pinterest stock plummeted on Friday after the company reported worse-than-expected third-quarter earnings. While revenue slightly exceeded analyst estimates, earnings per share fell short and the company’s guidance for the fourth quarter was below expectations, leading to a significant drop in share price.
Pinterest Inc (PINS) reported its third-quarter financial results, exceeding revenue expectations but falling short on earnings per share. The company saw strong user growth and highlighted the impact of its AI investments in driving personalized experiences and ad performance. Pinterest also provided guidance for the fourth quarter, forecasting continued revenue growth.
Cathie Wood’s Ark Invest made significant trades on Monday, buying shares in PayPal and Pinterest while selling its stake in the ARK 21Shares Bitcoin ETF. These moves come amidst mixed sentiments about PayPal’s future and Pinterest’s growth, while Bitcoin’s value saw a surge before experiencing a slight decline. Ark Invest also made other key trades across its various ETFs.
Pinterest’s new collage feature, powered by AI and computer vision, is gaining traction with users, particularly Gen Z. The feature allows users to create collages using images from Pinterest, the web, and their own camera rolls, promoting curation and personalization. The collages have seen three times the engagement compared to traditional Pins, and users are using them to express their style, interests, and product preferences. The AI-assisted object recognition and cutting capabilities enable users to create unique and actionable collages. Pinterest’s focus on Gen Z users and the success of its Shuffles app have contributed to the company’s recent strong financial performance.
