298
Fashion Jobs
L'OREAL GROUP
Assistant CRM Manager
Permanent · HONG KONG
L'OREAL GROUP
Key Account Manager
Permanent · HONG KONG
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
By
Reuters API
Published
Jul 30, 2021
Reading time
2 minutes
Download
Download the article
Print
Text size

Pinterest shares slump as growth warning rattles investors

By
Reuters API
Published
Jul 30, 2021

Shares of Pinterest Inc fell about 20% before the opening bell on Friday and were set to start trading at more than a three-month low, after the company warned of slowing user growth in the United States, its largest market.




At least eight brokerages cut their price target on the stock, which fell to $57.60 in pre-market trading. If the losses hold, about $9 billion would be swiped off its market capitalization which currently stands at about $36.8 billion.

J.P.Morgan made the most aggressive cut and slashed its target by $27 to $68, pushing it well below the current median price target of $77, citing lower-than-expected user additions in the latest reported quarter and disappointing third-quarter outlook.

The brokerage also cut its rating on the stock to "neutral" from "overweight".

Overall monthly active users (MAUs), a widely watched metric, rose by only 9% and missed analysts' expectations in the second quarter. It had risen 30% in the prior quarter.

The company also said that user growth in the United States was decelerating as people who used the platform for crafts and DIY projects during the height of the pandemic step out more as curbs ease.

"This performance suggests lockdown benefits were more transitory than anticipated, while an apparent growing pivot towards the 'creator economy' does raise concern regarding structural engagement trends," James Cordwell, analyst at Atlantic Equities said in a post-earnings note.

Of 30 analysts covering Pinterest, 19 rate the stock "buy" or higher, 10 "hold" and one recommends "sell".

Pinterest shares, which were the biggest losers among NYSE-listed stocks pre-market, have fallen about 9% so far this year compared with a 18% rise in the broader S&P 500 index.

© Thomson Reuters 2024 All rights reserved.

Tags :
Media