Pinterest (PINS) Misses Q1 EPS by 1c; Not Providing Guidance
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Pinterest (NYSE: PINS) reported Q1 EPS of ($0.10), $0.01 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $272 million versus the consensus estimate of $270.08 million.
"In these challenging times, our mission of bringing ideas and inspiration to people around the world has never been more important," said Ben Silbermann, CEO and co-founder, Pinterest. "This quarter, we saw a record number of people turn to Pinterest for ideas on how to make living at home more convenient, fun, and inspiring."
“We began 2020 on strong footing. The spread of COVID-19 has certainly had an impact on our business and the businesses of our advertisers, but we remain optimistic about the future,” said Todd Morgenfeld, CFO, Pinterest. “While we’ve been adapting to the current environment, we will continue to invest in our strategic priorities of content, ads diversification, use case expansion and shopping. We’re committed to delivering inspiration to our users and measurable results to businesses.”
GUIDANCE:
Given the uncertainties related to the ongoing COVID-19 pandemic and the rapidly shifting macroeconomic conditions, we are not providing guidance expectations for revenue or Adjusted EBITDA for 2020. Please note the following regarding our costs:
- Our cost of revenue has generally grown with users rather than revenue, which in this environment puts some pressure on gross margins.
- We expect to continue to grow operating expenses in Q220 year over year, but at a slower pace compared to Q120.
For earnings history and earnings-related data on Pinterest (PINS) click here.
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