Pinterest (PINS - Free Report) is the latest victim of the weakening advertising market due to the coronavirus pandemic.
The company withdrew 2020 revenue and adjusted EBITDA margin guidance that it had issued on Feb 6, citing adverse impact of the COVID-19 outbreak on its advertising revenues.
Pinterest, which currently has a Zacks Rank #4 (Sell), joins Facebook (FB - Free Report) , Twitter (TWTR - Free Report) and Disney, which either dissolved their projections or cautioned against earnings misses due to a weakening advertising market.
Notably, Twitter withdrew its revenue and operating income guidance for the first quarter of 2020 due to the growing adverse impact of coronavirus on the global operating and economic environment as well as on advertiser demand. Facebook admitted that its ad business took a huge beating in countries severely hit by the novel coronavirus.
Additionally, Alphabet (GOOGL - Free Report) division Google’s travel ad revenues are expected to decline due to coronavirus-led global lockdowns and social distancing, which have severely hurt travel & tourism industry.
Pinterest, Inc. Price and Consensus