Waning Pinterest Company Spotlight

Pinterest suffered its worst single-day decline after the topical image-sharing site posted disappointing user growth numbers.

San Francisco-based Pinterest said its monthly active users globally grew just 9% in the second quarter, while the number of monthly active users in the U.S. declined 5% from 96 million to 91 million. The company attributed the lack of user interest largely to people getting back to their normal lives after more than a year of coronavirus pandemic restrictions. The company thrived during the pandemic, with global user growth of 39% in the same period last year.

“Now, as the world opens up, we’re seeing the similar effect in the opposite direction,” said CEO Benjamin Silbermann.

Pinterest shares tumbled 18.2% to close at $58.90 on Friday.