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Good morning from the newsroom of the Financial Times.

Today is Friday, May 17th, and this is your FT news briefing.

Image-sharing platform, Pinterest, posts a wider than expected loss.

China's luckin coffee raises more than half a billion dollars in its IPO.

And the UK Prime Minister lays out her exit strategy as Boris Johnson gets ready to run for her spot.

Plus, the F.T.'s Jamie Smith talks about the bad blood in Australia politics and what might come out of the country's federal election on

Saturday.

I'm Mark Filipino and here's the news you need to start your day.

Shares in Pinterest tumbled by as much as 19% on Thursday. The fall came after the image sharing platform's first earnings report since becoming a public company last month.

On an adjusted basis for the last quarter, Pinterest reported a loss of 32 cents a share. It was worse than what analysts predicted, 11 cents.

The company also says it expected full year revenues shy of the $1.09 dollars that analysts had been expecting.

Pinterest floated on the New York Stock Exchange in mid-April at $19 a share.

It was 12% below what it achieved in a private share sale in 2017.

But Pinterest shares have risen 60% since the so-called down-round IPO.

Last night they were still trading above the IPO price at around $26, but well off the recent

highs of more than $35. Some investors have urged the platform

to introduce features that allow for direct e-commerce

on the site, like its rival Instagram.

Co-founder and chief executive Ben Silberman said on a call with analysts that shopping on the site is a long-term goal,

but it would not be a quote meaningful driver until 2020.

...