盘后暴跌超18%！Pinterest第四季度业绩和第一季度展望均不佳

Core Viewpoint - Pinterest, Inc. experienced a significant stock price drop of 19% after reporting fourth-quarter earnings and revenue that fell short of analyst expectations, along with a first-quarter guidance that was below market consensus [1]. Financial Performance - The company's fourth-quarter revenue was $1.32 billion, slightly below the analyst consensus of $1.33 billion, but represented a year-over-year growth of 14% [3]. - Adjusted earnings per share (EPS) were $0.67, missing the analyst expectation of $0.68 [3]. - For the first quarter of 2026, Pinterest projected revenue between $951 million and $971 million, which is below the market consensus estimate of $981.3 million. The midpoint of this guidance ($961 million) is approximately 2% lower than analyst expectations [3]. User Metrics - Pinterest's CEO, Bill Ready, reported a record revenue of $4.2 billion for 2025, reflecting a year-over-year growth of 16%, and an increase in monthly active users (MAUs) to 619 million, which is a 12% growth [3]. - The platform achieved over 80 billion searches per month, indicating strong user engagement and continued innovation in visual search through artificial intelligence [3]. - The global average revenue per user (ARPU) increased by 2% to $2.16 [3]. Profitability and Cash Flow - The adjusted EBITDA for the fourth quarter was $542 million, with a profit margin of 41% [3]. - Free cash flow reached $380 million, representing a year-over-year growth of 52% [3].