Pinterest, Inc. (NYSE:PINS) stock is moving lower Friday after the company reported worse-than-expected third-quarter earnings.

What To Know: Pinterest stock fell approximately 12% after the bell on Thursday following the earnings report and continues to trade lower on Friday.

The company reported earnings per share of 4 cents missing analyst estimates of 7 cents. In addition, it reported sales of $898 million beating analyst estimates of $896.34 million.

Pinterest provided a more detailed look into its revenue. It reported revenue of $719 million from the U.S. and Canada, $137 million from Europe and $42 million from the rest of the world.

The company also reported some important business metrics. Pinterest announced Average Revenue Per User (ARPU) of $1.70 and Global Monthly Active Users (MAUs) of 537 million.

"Our AI investments are driving results by powering better personalized experiences and greater performance for advertisers, with our lower-funnel ad tools being the fastest-growing part of our business. Advertisers are increasingly relying on Pinterest to engage our growing audience who see us as a great place to find inspiration, curate and shop," said CEO of Pinterest Bill Ready.

Pinterest issued guidance for the 2024 fourth-quarter, which may be weighing on the stock. It anticipates revenue between $1.12 billion and $1.14 billion versus analyst estimates of $1.14 billion.

Analyst Changes: Following the earnings report, multiple analysts issued price target changes.

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PINS Price Action: At the time of publication, Pinterest stock is moving 15.9% lower at $28.55, per data from Benzinga Pro.

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