{"id":2800,"date":"2021-04-29T16:18:50","date_gmt":"2021-04-29T14:18:50","guid":{"rendered":"https:\/\/monocle.lu\/?p=2800"},"modified":"2022-05-06T17:38:15","modified_gmt":"2022-05-06T15:38:15","slug":"pinterest-deception","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2021\/04\/29\/pinterest-deception\/","title":{"rendered":"Pinterest: Deception"},"content":{"rendered":"

Pinterest released disappointing results on Tuesday night. On Wednesday, the stock was down 14% (noting that this only takes it back to its price at the beginning of the year).<\/p>\n

I had previously written about Pinterest back in\u00a0January<\/a>\u00a0and\u00a0February<\/a>\u00a0I'm focusing on this one because it's symptomatic of the current markets - it's the \"Best Pick 2021\" for the Motley Fool site, whose subscribers are those young players who came to the markets thanks to pandemic. In these two posts, I thought things were going to get complicated for this stock. This is being confirmed.<\/p>\n

On the one hand, the number of subscribers in the US, Pinterest's main market, has not grown for 3 quarters: 98 M users, not more.<\/p>\n

Then the revenue per user is growing a little but not much. And that makes sense: if you take it back to the time spent on the platform, an ad on Pinterest is worth about the same as on Facebook or Instagram.<\/p>\n

Finally, the guidance just given by management for the next quarter is well below market expectations - it's even below our expectations, that's all.<\/p>\n

In fact, we have a similar situation with Snapchat: these companies experienced an acceleration in sales with COVID, but that is fading. By doing some simulations, we think that within 6 months the growth of these companies will be around 30% instead of the 50% that the market expects. Stock prices will have to adjust.<\/p>\n

Have a great week,
\nCharles<\/p>","protected":false},"excerpt":{"rendered":"

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J’avais…<\/p>","protected":false},"author":8,"featured_media":2918,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\nMonocle - Pinterest : D\u00e9ception<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monocle - Pinterest : D\u00e9ception\" \/>\n<meta property=\"og:description\" content=\"Pinterest a publi\u00e9 mardi soir des r\u00e9sultats d\u00e9cevants. Mercredi, l\u2019action perdait 14% (en notant que cela ne fait que la ramener \u00e0 son cours de d\u00e9but d’ann\u00e9e). 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