Pinterest's Stock Rebounds as CEO Announces Ad Deal with Google
Pinterest's stock initially dropped 23% after reporting a revenue miss and offering modest guidance, but later rallied to a slight gain in extended trading. The company's fiscal fourth-quarter net income rose significantly, with revenue increasing 12% to $981.3 million. Despite a dip in food and beverage advertising, Pinterest's global monthly active users reached an all-time high of 498 million. The company is working on an AI-based automated advertising system and has partnered with Google for third-party ad integration. Analysts note that Pinterest's performance faces scrutiny in comparison to Meta's recent blowout earnings, and the stock has surged 64% over the last year.
