Shares of Pinterest are down after the company's second-quarter results revealed a decline in monthly active users.
Pinterest posted 454 million monthly active users, down more than 5% from the 478 million the company reported in April. Wall Street expected the company to increase its monthly user base to 482 million monthly active users, according to a forecast from StreetAccount.
JPMorgan downgraded Pinterest to neutral on Friday, citing worries about the monthly active user miss and a disappointing third-quarter outlook. "Despite MAU engagement trends coming back to reality from pandemic driven levels, we view PINS shares as attractive given continued ARPU expansion driven by advertiser demand amid easing COVID restrictions," Wells Fargo analysts wrote.
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