Pinterest sinks 18%

Shares of Pinterest fell more than 18 percent Friday to their lowest level in over a year after the company warned of slowing user growth in the United States.

At least 14 brokerages cut their price target on the stock, which fell to $58.90. About $8.5 billion was wiped off its market capitalization which currently stands at about $37.4 billion.

Overall monthly active users rose by only 9 percent and missed analysts’ expectations in the second quarter. The metric had risen 30 percent in the prior quarter.