SAN FRANCISCO (AP) — Pinterest, fresh off its initial public offering, posted a loss for the first three months of the year that was larger than analysts were expecting, though revenue was slightly stronger. Its revenue outlook, though, was below expectations and its shares slumped in after-hours trading.
The company, which runs a digital pinboard and shopping tool, said Thursday that its net loss was $41.4 million, or 33 cents per share, in the January-March period. It says revenue grew 54% to $202 million from $131 million. The quarter's adjusted loss was 32 cents per share.
Analysts had expected a loss of 11 cents per share on revenue of $200.7 million according to FactSet.
People use Pinterest to search for and collect, or "pin," ideas for weddings, home decor, recipes, fashion and other categories.