Pinterest (PINS.US) shares plunged more than 20% during today's session despite the fact that the image-sharing website operator beat analyst estimates for both profit and revenue for its latest quarter. Company recorded a profit of $69.41 million in the latest quarter compared to a loss of $100.74 million a year earlier. Total revenue more than doubled to $613 million and topped market estimates of $562 million. However, the company recorded another quarterly decline in monthly average users as people who used the platform for crafts and DIY projects during the height of the pandemic were stepping out more.
Pinterest (PINS.US) stock launched today's session with a massive bearish price gap and is currently testing 38.2 Fibonacci retracement of the upward wave which started back in March 2020. If current sentiment prevails, then the next target for bears is located around $49.65 and is marked with 50.0 Fibonacci retracement. Source: xStation5
