PINTEREST WARNS OF SLOWING U.S. GROWTH ON REOPENINGS

Pinterest Inc. warned of slowing user growth in the U.S., a sign post-pandemic reopenings are encouraging some consumers to look beyond social media for entertainment and connection. The stock fell more than seven per cent. The firm said monthly average user growth in the U.S. will be “around flat” in the second quarter versus the same period a year earlier. “Lockdowns probably pulled forward some user growth during 2020,” Pinterest said in a statement. “Starting in midmarch, the easing of pandemic restrictions slowed U.S. MAU growth and lowered engagement yearover-year as people spent less time online.”