Lou Whiteman

It's still down about 20% since October, though, so I don't think we should read too much into just the headline jump.

What's going on?

What's wrong?

They're only guiding for minimal revenue growth in 2026, under 5%, no margin expansion.

This, they say, is temporary.

They're doing model changeovers.

But look, the Ferrari model is, you've got a huge waiting list, just sell the cars, just jack up prices.

I don't get why it's working.

I think I still like this company, but it's still trading at more than 30 times expected earnings.

There's tariffs, there's macro.

I kind of get why the market's sort of, meh.

Yeah, so they matched expectations on earnings.

They grew revenue by 14%, but that was a little shy of expectations.

Interesting thing, the forecast is very, very underwhelming here, and they're blaming tariffs.

They're basically saying that tariffs are depressing sales among their customers, and that's leading to fewer ad sales.

Which, guys, might be true, but here's my question.

Retail has been very mixed.

I don't think we have gotten the sky is falling from the actual retailers.

Just throwing this out here, I hate to be too negative, but does this indicate that Pinterest is low on the priority level for ads?

If retailers are pulling back ad spending just a bit, it is affecting Pinterest more because those are the easiest ones to cut?