The bullish tech IPO market of early 2019 faced another setback Thursday as Pinterest, which has seen its stock price soar following its listing a month ago, delivered its first-ever earnings report. The numbers were largely below what investors were hoping for, causing the stock to fall as much as 19% in after-hours trading.
Pinterest said revenue in the first quarter rose 54% to $201.9 million, or slightly above the $200.7 million consensus estimate among Wall Street analysts. But the company also posted a GAAP net loss of 33 cents a share. Adjusted for items such as stock-based compensation, Pinterest’s net loss totaled 32 cents a share. Analysts had been expecting an adjusted net loss of 11 cents a share, according to FactSet.