Digging into Snap, Pinterest, and Amazon earnings 4/28/23

TechCheck

CNBC

Disruptors, Cnbc, Investing, Tech, Management, Business, Technology, Faang

4.5 • 66 Ratings

🗓️ 28 April 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Snap and Pinterest stock are both plummeting today as they warn of ad revenue challenges ahead – even though other big tech names that reported this week are showing advertising resilience. Plus, an Amazon analyst explains why the market might be underappreciating the stock, despite showing positive Q1 metrics like growing profitability and curbing expenses.

Transcript

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0:00.0	Social media socks snap and Pinterest both plunging today after warning of
0:05.7	ad revenue weakness and earnings last night that's the focus of today's
0:08.7	tech check with Julia Vorsen Julia.
0:10.6	Well Melissa while Pinterest and snap both Wilson. Well, Pintres and Snap, both did beat on some key first quarter metrics.
0:17.8	Their stocks are plummeting today and concerns about their second quarter outlook. Now take a look at those shares. Snap shares are
0:24.6	down nearly 18% after the company's revenue in the quarter declined by 7%.
0:30.6	That was its first year over year decline ever and the company's internal fore-
0:31.5	fore-counter. 7% that was its first year over year decline ever and the company's internal
0:34.6	forecast of a 6% revenue decline in the second quarter that also fell short of
0:39.0	analysts expectations. Morgan Stanley with an underweight rating on Snap writing quote
0:43.8	visibility towards faster ad growth remains low leading to an increased need
0:48.7	on AI machine learning to improve the growth trajectory.
0:53.0	Pinterest shares are also down.
0:55.0	They're down about 18, 17.5% now on concerns about second quarter
1:00.0	revenue guidance that missed estimates as well as operating expense growth
1:05.1	that is faster than analysts had been looking for. But analysts are still
1:09.3	fairly bullish about the news that it is opening its ad platform and its first partner is
1:14.3	Amazon to bring Amazon's ads on to Pinterest. Morgan Stanley with a hold rating
1:19.7	calling this Amazon Partnership quote a potential key lever for pins to increase the breadth of
1:26.2	shoppable ad content on the platform, which should lead to greater relevance and increased monetization.
1:33.4	Now, 39% of analysts are rating Pinterest to buy
1:36.4	and just 15% are rating snap-a-buy
	...

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