What caused Pinterest’s revised 2019 sales forecast to underwhelm?

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Pinterest's Revised 2019 Sales Forecast Underwhelmed Due to Missed Revenue Per User and Lower-Than-Expected Total Revenue

Pinterest's revised full-year sales forecast for 2019 fell marginally below market expectations primarily because the company's average revenue per user (ARPU) in the third quarter was slightly lower than anticipated, and its total quarterly revenue also missed analyst estimates. This combination of factors contributed to a revised revenue forecast for the full year that did not meet the consensus expectations of financial analysts.
Third-Quarter Revenue Per User Fell Short of Analyst Projections

In the third quarter, Pinterest reported an average revenue of 90 cents per user globally, a figure that narrowly missed the consensus expectation of 91 cents per user, as reported by research firm FactSet. While monthly active users saw a significant jump of 28% to 322 million, surpassing the expected 307 million, the lower ARPU indicated a less efficient monetization of this growing user base during the period.
Total Quarterly Revenue Missed Analyst Estimates

The company's total revenue for the quarter ending September 30 amounted to US$279.7 million, representing a 47% increase year-over-year. However, this figure also fell short of the analysts' estimate of US$280.6 million, as per IBES data from Refinitiv. This shortfall in total revenue, influenced by the lower ARPU, directly impacted the overall financial performance and outlook.
Full-Year Revenue Forecast Narrowly Missed Market Consensus

For the entirety of 2019, Pinterest projected total revenue to fall between US$1.10 billion and US$1.115 billion. This revised forecast was compared to its previous guidance of US$1.095 billion to US$1.115 billion. Analysts, however, were anticipating a higher figure, with expectations at US$1.12 billion, according to IBES data from Refinitiv. The upper end of Pinterest's revised forecast remained the same, but the lower end was adjusted upwards, resulting in a range that did not fully align with the market's consensus.

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What caused Pinterest’s revised 2019 sales forecast to underwhelm?

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