Pinterest Inc PINS share are trading lower Wednesday after the company reported second-quarter financial results but issued third-quarter guidance below estimates.

• Q2 Revenue: $854 million, versus estimates of $847.81 million

• Q2 EPS: 29 cents, versus estimates of 28 cents

Total revenue was up 21% on a year-over-year basis. Pinterest’s global monthly active users increased 12% year-over-year to 522 million. Average revenue per user grew 8% year-over-year to $1.64.

"Our monetization efforts are paying off. Advertisers are seeing improved performance across key objectives on Pinterest — from brand awareness to conversion — as we continue to roll out AI-powered products and experiences," said Bill Ready, CEO of Pinterest.

"As a result, we're gaining share of advertising budgets with some of the world's largest brands. I'm proud of our pace of innovation as we execute against the opportunity ahead."

Outlook: Pinterest expects third-quarter revenue to be in the range of $885 million to $900 million versus estimates of $907.7 million. Third-quarter operating expenses are expected to be between $485 million and $500 million.

Following the print, Piper Sandler analyst Thomas Champion maintained Pinterest with an Overweight and lowered the price target from $52 to $45. Susquehanna analyst Shyam Patil maintained a Positive rating and lowered the price target from $50 to $45.

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PINS Price Action: Pinterest shares were down 7.1% at $34.70 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.