Pinterest withdraws the revenue guidance for full year 2020 that it initially issued on February 6, 2020; company CFO, Todd Morgenfeld, says travel, automotive and restaurant exposure somehow not effected — stock rallies…

Pinterest is withdrawing the revenue and adjusted EBITDA margin guidance for full year 2020 that it initially issued on February 6, 2020. In light of the rapidly evolving and unpredictable effects of COVID-19, Pinterest is currently not in a position to forecast the expected impact of COVID-19 on its financial and operating results for the remainder of 2020.

As the COVID-19 pandemic has continued to unfold, it has impacted Pinterest’s advertising revenue globally.

“The near-term financial impact of this pandemic is rapidly evolving and difficult to measure and quantify. First-quarter revenue performance was consistent with our expectations through the middle of March, when we began to see a sharp deceleration. Fortunately, despite weakness across nearly the entire advertising market,

…..our exposure to some of the most affected segments like travel, automotive, and restaurants has not been significant,” said Todd Morgenfeld, CFO, Pinterest. “Based on our current visibility, we expect to evaluate planned expenses while continuing to pursue and prioritize objectives that fuel the long-term growth of the company.”

Full press release..

Leave a Reply

%d bloggers like this: