New York, Feb 13, 2026, 05:22 EST — Premarket
Pinterest Inc shares tumbled roughly 20% to $14.80 before the bell on Friday, after the company delivered a revenue forecast that missed expectations. The stock had closed Thursday at $18.54.
The guide sharpens a basic question for online ad players: will retailers keep spending, or have they started guarding their margins and cutting back? Pinterest is closely tied to shopping intent, so any shifts in budgets hit it quickly.
Investors want to see AI features actually boost ad results and deliver more consistent growth—not just drive up expenses. Miss an upcoming quarter, and the market usually pulls the plug on patience.
Pinterest is projecting first-quarter revenue in the $951 million to $971 million range, along with adjusted EBITDA between $166 million and $186 million. That adjusted EBITDA figure excludes things like stock-based compensation. For the fourth quarter, revenue climbed 14% to $1.319 billion while global monthly active users reached 619 million, up 12%. Average revenue per user ticked 2% higher to $2.16. “We delivered a record $4.2 billion in revenue in 2025, up 16% year-over-year,” CEO Bill Ready wrote in the earnings release. SEC
Pinterest’s outlook lands shy of analysts’ $980.1 million average projection, according to LSEG data, and shares skidded more than 18% after hours following the release. CFO Julia Donnelly told the post-earnings call, “Many of the largest retailers have been disproportionately impacted by tariffs and have been pulling back on advertising spend across the industry.” The lighter forecast arrives as the company leans on its new AI-powered Performance+ ad offerings to win business from advertisers, even as rivals like Snap and Reddit turn in more robust, AI-fueled updates. Reuters
Pinterest is looking to free up cash for more AI projects by slashing expenses. The company announced in late January plans to cut under 15% of its staff and shutter some smaller offices it picked up through acquisitions. “Many companies are having to show investors that their substantial spend on AI is worth it,” said Danni Hewson, head of financial analysis at AJ Bell. Pinterest anticipates taking $35 million to $45 million in pre-tax restructuring charges, with the overhaul set to wrap up by the end of its third quarter. Reuters
Analysts wasted no time. UBS slashed its Pinterest price target to $26 from $40 but stuck with a Buy. Baird took a different tack, downgrading Pinterest to Neutral and trimming its target to $20, according to Investing.com.
Pre-market action tends to be thin, with sharp swings often vanishing when the bell rings. Still, if big retailers continue to slash ad spending through the March quarter, Pinterest could see user growth struggle to support its pricing.
Investors are tuned in for any updates on advertiser demand by region, and how much business comes from large retailers compared to mid-market buyers. They’ll also be watching closely for evidence that Performance+ boosts conversions—without putting a dent in margins.
Up first, markets get the January U.S. Consumer Price Index at 8:30 a.m. Eastern, a data point notorious for jolting rate bets and risk sentiment. Pinterest’s regular trading starts an hour later, at 9:30 a.m. ET.
