Shares of Pinterest (NYSE:PINS) plunged in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Adjusted earnings per share came in at $0.29, which beat analysts’ consensus estimate of $0.27 per share.
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Sales increased by 3.6% year-over-year, with revenue hitting $877.21 million. This missed analysts’ expectations of $886.8 million. The growing segment was the international segment, which increased by 26% to $32 million. Canada and U.S. figures grew by 5% to $722 million.
Global Monthly Active Users saw a 4% jump compared to the year-ago period, equating to a count of 450 million. In addition, the company announced a $500 million share buyback program.
Overall, Wall Street has a consensus price target of $26.63 on PINS stock, implying 4.52% downside potential, as indicated by the graphic above.