Investing.com -- Pinterest Inc (NYSE:PINS) beat expectations for revenue and adjusted earnings but projected slower second-quarter growth than analysts had forecast.
Revenue of $603 million in the quarter rose 5% from one year ago, beating the consensus for $594M. Earnings were expected to be breakeven, but adjusted earnings before interest, taxes, depreciation and amortization was $27M. Ebitda income was down 65%.
Shares of Pinterest fell 11% in after-hours trading.
The company announced an advertising partnership with Amazon.com (NASDAQ:AMZN).
CEO Bill Ready said: “Today, we’re taking meaningful steps towards expanding our ads business by opening up third-party ad demand on Pinterest, starting with Amazon as our first partner. Looking forward, we are excited to further leverage and satisfy the strong commercial intent of our users and deliver long-term shareholder value.”
Monthly active users rose to 463M versus expectations for 454M.
The company said it expects second-quarter revenue to grow “roughly in-line” with the growth in the fourth quarter 2022 and first quarter this year. “We expect our Q2 non-GAAP operating expenses to grow low teens on a percentage basis quarter-over-quarter.”