Pinterest reported Thursday second-quarter net income of $69.4 million, compared with a loss of $100.7 million a year earlier.
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Shares of Pinterest Inc. PINS -6.01% fell more than 14% in after-hours trading, as the online sharing platform said its monthly average users in the U.S. contracted during the quarter, a trend that accelerated this month.
The company reported 91 million monthly average users in the U.S. in the quarter, down 5% from a year earlier. Pinterest said that “engagement headwinds” continued this month, with monthly average users down 7% as of July 27. Globally, monthly average users increased 9% in the quarter.
“Our second quarter results reflect both the strength of our business and the recent shift in consumer behavior we’ve seen as people spend less time at home,” Chief Executive Ben Silbermann said in prepared remarks.
Pinterest saw its user growth soar during the pandemic, as shut-in consumers turned to the website for masks and other products. The company has said the pandemic may have pulled forward some user growth.
The company also reported Thursday second-quarter net income of $69.4 million, compared with a loss of $100.7 million a year earlier.
Adjusted earnings were 25 cents a share. Analysts polled by FactSet were expecting adjusted earnings 13 cents a share.
Revenue totaled $613.2 million, compared with $272.5 million a year earlier. Analysts expected $562 million in revenue.
Pinterest shares closed Thursday at $72.04 apiece, down 6%. So far this year, the stock is up 9.32%.
Write to Robert Barba at [email protected]
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Appeared in the July 30, 2021, print edition as ‘Pinterest Shares Fall Over 14% After Firm Reports User Decline.’
