FILE PHOTO: the screens display the logo of the company Pinterest Inc. during the company’s IPO at the front of the New York Stock Exchange (NYSE) in New York, USA, April 18, 2019. REUTERS/Brendan McDermid/File Photo
(Reuters) – Pinterest Inc forecast full-year sales largely in line with analysts’ estimates even after reporting a 54% jump in sales in the first quarter the profit for the public, the online scrapbook company added more users worldwide.
The shares of the company decreased from 19% in extended trading. They had risen 62% since Pinterest’s ipo last month.
The company expects full-year revenues between $1.055 billion and $1.08 billion, the midpoint of which is slightly above analysts estimate of $1.06 billion.
DA Davidson analyst Tom Forte said the Pinterest full-year sales outlook was a disappointment, especially given the high expectations reflected in the run-up in shares.
The company, which calls its users “pinners”, added 291 million monthly active users worldwide in the fourth quarter, above estimates of 289.3 million, according to IBES data of Refinitiv.
The average revenue per user increased 26% to 73 cents, the company said.
Net loss narrowed to $41.4 million in the first quarter ended March 31 of € 52.7 million a year earlier.
Excluding certain items, the company lost 32 cents per share, above estimates of 11 cents.
The total turnover increased from approximately 54% to $201.9 million, beating the estimates of $200.6 million.
Reporting by Vibhuti Sharma and Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli