The company saw its monthly-active-user, or MAU, count slip sequentially in the second quarter as it reported 454 million such users,
coming in far below the 482 million that analysts tracked by FactSet had been projecting
Thursday afternoon, prompted at least two downgrades from Wall Street analysts.
J.P. Morgan analyst Doug Anmuth also became more concerned about the stock’s potential following the report. In addition to pointing out the sharp miss on user numbers, he highlighted the company’s plans to focus the platform more on video and Idea Pins, a type of creator-driven content.
“Idea Pins may be successful over time, but near term we think they carry greater risk as users must pivot from grid format to streaming, and richer video content may not work as well across all categories,” he said in a note to clients. “We believe Pinterest could also lose some of its differentiation as it will compete for creator content with a number of other large platforms.”
coming in far below the 482 million that analysts tracked by FactSet had been projecting
Thursday afternoon, prompted at least two downgrades from Wall Street analysts.
J.P. Morgan analyst Doug Anmuth also became more concerned about the stock’s potential following the report. In addition to pointing out the sharp miss on user numbers, he highlighted the company’s plans to focus the platform more on video and Idea Pins, a type of creator-driven content.
“Idea Pins may be successful over time, but near term we think they carry greater risk as users must pivot from grid format to streaming, and richer video content may not work as well across all categories,” he said in a note to clients. “We believe Pinterest could also lose some of its differentiation as it will compete for creator content with a number of other large platforms.”