Pinterest collapses on Wall Street

(Boursier.com) — Pinterest plunged nearly 12% before market on Wall Street this Friday, while the San Francisco social network was not at all convinced by its financial prospects. Sales over the holiday season are therefore expected below consensus, between 1.13 and 1.15 billion dollars for the fourth quarter. The group notably says it sees weaker demand from advertisers in food and beverages. In the third quarter just ended, revenues increased by 18% to $898 million, in line with market expectations. The number of average monthly active users in the third quarter increased 11% to 537 million. Adjusted earnings per share were 40 cents, compared to 34 cents consensus and 28 cents a year earlier. The board approved a $2 billion stock repurchase program, reversing the earlier plan.