Pinterest (NYSE:PINS) shares dropped more than 5% yesterday after the company reported its Q4 results, with EPS coming in at $0.29, better than the Street estimate of $0.27. Revenue increased 4% to $877 million, compared to the Street estimate of $887.01 million.
Despite the beat, the company said it expects Q1/23 revenue to increase low-single-digits on a year-over-year percentage basis, weaker than the analysts’ estimates.
The company’s engagement metrics finally stabilized in the U.S. (flat year-over-year) for the first time since pre-pandemic with management increasingly emphasizing 14% global mobile MAU (monthly active user) growth.
DAU/MAU was at an all-time high at 61% and seems at least partially driven by increasing viewership of short-form video which is now driving 30% of the business.
The company also announced a share repurchase program of up to $500 million over 12 months.
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