Shares of Pinterest cratered 9.7% to $17.98 after the company's October 29 earnings report revealed a revenue and profit miss alongside a downbeat holiday-quarter forecast — extending a brutal slide that has now erased more than 40% from the stock's 52-week high. PINS trades roughly 40.8% below its 52-week high of $35.42, reached in October 2025. The results lay bare a painful disconnect: Pinterest is adding users at a record clip but struggling to convert that audience into advertiser spending.

• Revenue Growth Has Halved in Six Months, and the Worst May Not Be Over. Q1 revenue grew 18% year over year;

Q2 likewise grew 18%.

Q3 growth decelerated to 12%. Now management is guiding Q4 revenue to $1,425–$1,475 million, representing just 8%–12% growth — a trajectory that points to possible single-digit expansion during the critical holiday ad season. The Q4 midpoint implies full-year revenue of about $4.81 billion, well below the $5.01 billion consensus. For investors, a company decelerating this fast gets punished on both earnings expectations and the price-to-sales ratio the market is willing to pay.

• Europe's Ad Revenue Hit a Wall — and Regulation Is the Culprit. Cross-border sellers pulled back sharply following the removal of Europe's de minimis exemption, a trade rule change that made cheap imports more expensive. European revenue was flat year over year at $193 million even as global users surged. Management acknowledged "major regulatory changes" that played out through the quarter, with deviation from forecast growing in the later weeks. This isn't a one-quarter blip: the CFO cautioned that "associated revenue benefits will take time to build and are not expected to fully offset this pressure in Q4."

• Record Users Aren't Translating Into Record Revenue Per Person. Global monthly active users hit 661 million, up 10%, yet ad impressions grew 17% while ad pricing declined 4%, meaning Pinterest is showing more ads but charging less for each one. The company is effectively filling more screens for less money — a sign advertisers still don't value Pinterest inventory the way they value competitors'.

• Elliott's $1 Billion Bet Faces an Early Test. Activist investor Elliott committed $1 billion to Pinterest in March 2026,

with convertible notes priced at roughly $22.72 per share. With the stock now at $17.98, those notes are deeply underwater, raising pressure on the board to accelerate results or cut costs — fast.