Technology

Pinterest shares slide, briefly falling below IPO price for the first time


Pinterest CEO Ben Silbermann speaks in conversation with Matthew Lynley of TechCrunch during the TechCrunch Disrupt SF 2017 on September 18, 2017 in San Francisco, California.

Justin Sullivan | Getty Images News | Getty Images

Shares of Pinterest plunged as much as 24% on Friday, briefly pushing it below the its IPO price for the first time.

The stock was trading as low as $18.71 in early trading. The stock sold at an IPO price of $19 when the company went public in April.

It comes after Pinterest reported disappointing third-quarter results late Thursday. The company posted revenue of $279.7 million, which was lower than consensus estimates of $280.6 million. It also missed estimates for its 2019 full-year outlook.

Pinterest has yet to turn a net profit at a time when investors have grown increasingly skeptical of money-losing tech companies. The company reported a net loss for the third quarter of $124.7 million, while stock-based compensation hit $130.3 million during the quarter, a sharp uptick from $3.9 million a year earlier.

CNBC’s Ari Levy contributed to this story.



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