Pinterest Stock Plunges 13%: Record Users, Slowing Growth

Pinterest stock fell more than 13% in after-hours trading on Thursday, October 29, 2026, after the company missed third-quarter expectations and guided fourth-quarter revenue well below what analysts wanted. Revenue rose 11.9% to $1.17 billion and global monthly active users hit a record 661 million, but adjusted earnings of $0.46 a share missed the $0.49 consensus, and the holiday-quarter outlook pointed to growth slowing to 8% to 12%.

What happened in Pinterest's Q3 earnings?

Pinterest reported third-quarter revenue of $1.174 billion, up 11.9% from a year earlier, compared with a consensus estimate of about $1.21 billion. Adjusted earnings came in at $0.46 a share, below the $0.49 analysts expected and above the $0.38 reported a year ago on that basis. On a GAAP basis the picture was much weaker: net income fell to about $21.5 million and diluted earnings dropped to $0.04 a share, from $0.13 a year earlier, as profitability narrowed sharply.

Adjusted EBITDA rose 11% to $339 million, at a 29% margin, and free cash flow was about $300 million. US and Canada revenue rose about 14%. The problem was the direction of travel, not just the quarter itself.

Why did Pinterest stock fall so hard?

The sell-off was driven mainly by guidance. Pinterest said it expects fourth-quarter revenue of $1.425 billion to $1.475 billion, representing growth of 8% to 12%. Analysts had expected about $1.52 billion. That gap matters because the fourth quarter is the holiday advertising season, normally the strongest period of the year for a shopping and ideas platform. A guide that slows from 11.9% growth, and from an 18% pace earlier in the year, told investors the deceleration is not finished yet.

The stock had already closed down nearly 5% in the regular session, at $19.92, after Alphabet's earnings a day earlier sparked broader fears about digital advertising growth. Volume was heavy at about 45 million shares, roughly four times the average. After the report, the shares fell first about 11%, according to the Wall Street Journal's after-hours roundup, and then more than 13%, according to Barron's. In other words, Pinterest was caught in a market already nervous about ad spending, and then gave that market a specific reason to sell.

What is slowing Pinterest down?

Management pointed to pressure outside the United States and Canada. On the earnings call, the company said European de minimis regulatory changes caused cross-border sellers to pull back more than anticipated, while a restructuring of its international go-to-market effort added further pressure. It does not expect cross-border spending to recover during the holiday period, which is why the fourth-quarter guide stays cautious even as the domestic business keeps growing.

That split is the core story. Users are not the problem: monthly active users rose 10% to a record 661 million. Monetising them outside North America at the pace investors priced in is the problem.

What is Pinterest doing about it?

Chief executive Bill Ready said the company's AI-driven visual search and shopping experiences are making Pinterest increasingly valuable for users and advertisers alike. The company is expanding AI-driven monetisation through Pinterest Assistant, visual search ads and improved bidding, and it noted that about 80% of Pinterest Assistant searches are commercial in nature. It has also moved its programmatic deals programme to general availability in select markets, letting large advertisers buy display and video inventory through platforms such as Amazon DSP, Google Display & Video 360 and Yahoo DSP.

Pinterest also flagged higher infrastructure and GPU spending in Q4, while holding a full-year adjusted EBITDA margin target of about 30%.

What happens next for Pinterest?

The next test is the holiday quarter itself. Revenue at the top of the guided range would make Thursday's drop look like a reset of expectations; a low-end result would turn the debate into a longer growth slowdown. This report covers what happened and why the market reacted; it is not a recommendation to buy, sell or hold the stock.

Sources

Barron's — Pinterest Stock Sinks as Signs Point to Slowing Revenue Growth
Wall Street Journal — Afterhours Stock Roundup: Starbucks, Reddit, Pinterest, Intel
MarketBeat — Pinterest Announces Quarterly Earnings Results
Zacks — What Key Metrics Tell Us About Pinterest Q3 Earnings

FAQ

Why did Pinterest stock fall 13% after earnings?

Pinterest missed Q3 revenue and earnings expectations and guided Q4 revenue to $1.425-$1.475 billion, below the $1.52 billion analysts expected, signalling growth is slowing in its biggest quarter.

What were Pinterest's Q3 2026 results?

Revenue rose 11.9% to $1.17 billion, adjusted EPS was $0.46 versus $0.49 expected, GAAP net income was about $21.5 million, and monthly active users hit a record 661 million.

What did Pinterest guide for Q4 2026?

It guided revenue of $1.425 billion to $1.475 billion, or 8% to 12% growth, with management citing continued pressure in international markets and no expected recovery in cross-border spending during the holidays.

Are Pinterest's users still growing?

Yes. Global monthly active users rose 10% year over year to a record 661 million, even as revenue per user and international advertising demand came under pressure.