Shares of Pinterest (NYSE:PINS) experienced a significant drop, approximately 8%, pre-market today due to the company’s fourth-quarter revenue falling below expectations and providing a cautious outlook for the March quarter.

In the fourth quarter of 2023, Pinterest reported an EPS of $0.53, which slightly exceeded the consensus prediction of $0.51. Nonetheless, its revenue of $981.3 million did not meet the anticipated $990.18 million.

Despite the shortfall in revenue, Pinterest saw better-than-expected growth in user numbers across all regions. In the U.S. and Canada, monthly active users reached 97 million, surpassing the estimate of 96.25 million. Europe’s monthly active users stood at 135 million, outdoing the expected 129.79 million, and in the Rest of the World, the platform attracted 266 million users, exceeding the forecast of 260.88 million.

However, the average revenue per user (ARPU) was $2.00, which was slightly below the expected $2.08. The company also highlighted a strong adjusted EBITDA margin of 37%, which was above the analysts’ prediction of 36.2%.

For the first quarter of 2024, Pinterest projects its revenue to range from $690 million to $705 million, with the midpoint falling below the analyst expectation of $702 million.

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