Pinterest (PINS) falls below IPO price for first time

Pinterest (PINS) falls below IPO price for first time

Pinterest CEO Ben Silbermann speaks in conversation with Matthew Lynley of TechCrunch during the TechCrunch Disrupt SF 2017 on September 18, 2017 in San Francisco, California.

Justin Sullivan | Getty Images News | Getty Images

Shares of Pinterest plunged 17% on Friday, briefly pushing it below the its IPO price for the first time.

The stock was trading as low as $18.71 on Friday morning, which is below its IPO price of $19 from April. The stock ended trading at $20.86.

It comes after Pinterest reported disappointing third-quarter results late Thursday. The company posted revenue of $279.7 million, which was lower than consensus estimates of $280.6 million. It also missed estimates for its 2019 full-year outlook.

Pinterest has yet to turn a net profit at a time when investors have grown increasingly skeptical of money-losing tech companies. The company reported a net loss for the third quarter of $124.7 million, while stock-based compensation hit $130.3 million during the quarter, a sharp uptick from $3.9 million a year earlier.

CNBC’s Ari Levy contributed to this story.

Source link

قالب وردپرس

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top