Benzinga - Pinterest Inc (NYSE: PINS) shares are trading lower in Monday's after hours session after the company reported mixed financial results and announced a CFO transition.
What Happened: Pinterest said fourth-quarter revenue increased 4% year-over-year to $877.21 million, which missed average analyst estimates of $886.44 million, according to Benzinga Pro. The company reported quarterly earnings of 29 cents per share, which missed estimates of 27 cents per share.
Global monthly active users increased 4% year-over-year to 450 million.
Pinterest's board also authorized a buyback of up to $500 million of its common stock over the next year.
Separately, Pinterest said CFO Todd Morgenfeld will step down from his role at Pinterest to pursue new career opportunities, effective July 1.
"2022 was a solid year as we returned to MAU growth, deepened engagement and saw our personalization and relevance investments start to pay off," said Bill Ready, Pinterest CEO.
"While the industry as a whole is facing headwinds, we are adapting quickly to a changing macro environment and are committed to creating a more positive online experience for our users and advertisers."
Pinterest expects first-quarter revenue to grow low single digits on a year-over-year basis. Operating expenses are expected to decline to a low double digit percent quarter-over-quarter.
Pinterest will hold a conference call to discuss these results at 4:30 p.m. ET.
Pinterest is an online product and idea discovery platform that allows users to shop products and gain inspiration personalized to their tastes.
PINS Price Action: Pinterest has a 52-week high of $29.17 and a 52-week low of $16.14.
Pinterest shares are down 9.56% in after hours at $25.26, according to Benzinga Pro.
Photo: Souvik Banerjee from Pixabay.
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