Shares of Pinterest (NASDAQ:PINS) plunged in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $0.08, which beat analysts’ consensus estimate of $0.01 per share. Sales increased by 4.8% year-over-year, with revenue hitting $602.58 million. This beat analysts’ expectations by over $9 million.
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Pinterest reported that its monthly active users were up 7% against this time last year, reaching a total of 463 million. Further, Pinterest management also offered some projections for second-quarter 2023 revenue, suggesting that growth rates would remain about the same. It also projected that expenses would grow at about the same rate as well.
Overall, Wall Street has a consensus price target of $28.95 on Pinterest stock, implying 6.26% upside potential, as indicated by the graphic above.
