Pinterest Inc. on Tuesday reported 78% year-over-year revenue growth for the first quarter, but its user growth fell short of analysts' expectations as COVID-19 pandemic restrictions eased.
The online-pinboard company said its global monthly active users rose 30% year over year to 478 million. Analysts had forecast that number to be slightly higher than 480 million.
"Starting in mid-March, the easing of pandemic restrictions slowed U.S. MAU growth and lowered engagement year over year as people spent less time online," the company wrote in a letter to shareholders. "In Q1, we saw good retention of the MAUs we gained during 2020, but we still don't know if or how long this retention will last."
Pinterest shares fell 10.5% after hours, after rising more than 1% in the regular session to close at $77.58.
The company pointed to growth internationally, though.
"This quarter, we continued strong growth internationally, including our recent launch of advertising in Brazil, and made significant progress with shopping, making it easier for people to discover and buy products they find on Pinterest," Chief Executive Ben Silbermann said in a news release.
The company reported a first-quarter loss of $21.7 million, or 3 cents a share, compared with a loss of $141.1 million, or 25 cents a share, in the year-ago period. Adjusted earnings were $83.8 million, or 11 cents a share, adjusted for stock-based compensation, depreciation and amortization and more. Revenue rose to $485.2 million from $271.9 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast earnings of 6 cents a share on revenue of $471.7 million.
Shares of Pinterest are up more than 17% year to date, and more than 288% over the past 52 weeks. By comparison, the S&P 500 Index has risen 12% so far this year, and is up 50% in the past year.
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