(Reuters) -Pinterest Inc missed quarterly revenue estimates on Monday as user growth slowed on the image-sharing platform and businesses cut advertising spending in a turbulent economy.
Shares of the San Francisco, California-based company fell about 15% in trading after the bell.
Advertisers have slashed their marketing budgets over the past few months as high inflation and aggressive interest rate hikes from global central banks have put a dampener on economic outlook.
The company’s global monthly active users (MAUs) grew 4% to 450 million, below estimates of 452.3 million.
The company’s revenue in the fourth quarter ended Dec. 31 grew 4% to $877 million. Analysts on average had expected $886.3 million, according to Refinitiv data.
(Reporting by Vansh Agarwal and Shreyaa Narayanan in Bengaluru; Editing by Krishna Chandra Eluri)
