<p><strong>Pinterest</strong>(PINS -10.17%) 最近公布了第二季度的财报，次日股价下跌约 12%。尽管营收增长快于预期，但公司的盈利能力略低于分析师的预期，并且对新关税对广告需求的影响存在一些担忧。</p>
<p>换句话说，好的因素与坏的因素相互抵消。那么，为什么股价会下跌这么多？这对长期投资者来说是一个买入机会，还是暂时最好避开？以下是对 Pinterest 第二季度业绩的快速回顾，股价下跌的原因，以及是否是一个好的买入时机。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5NTEvY291cGxlLWF0LWxhcHRvcC0yMDIzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5NTEvY291cGxlLWF0LWxhcHRvcC0yMDIzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Pinterest 的第二季度：好与坏</h2>
<p>我们先从好的方面开始。Pinterest 报告的营收同比增长 17%，大幅超出分析师的预期。不仅如此，公司还对第三季度的营收前景表示乐观，平台在本季度新增了 800 万用户，几乎是预期的两倍。目前全球每月活跃用户已达到 5.78 亿，Pinterest 报告的三个地理区域（美国和加拿大、欧洲及其他地区）均实现了增长。</p>
<p>然而，弱点出现在盈利方面。Pinterest 的每股收益（EPS）低于预期两美分，这似乎是财报中的主要负面因素。</p>
<p>当然，其他盈利指标相当强劲。自由现金流利润率接近 20%，而 2024 年第二季度仅为 12%。用户基础的变现进展良好，尤其是在美国以外的地区，而 Pinterest 的大部分用户正是在这些地区。</p>
<p>来自平台 1.46 亿欧洲用户的每用户平均收入（ARPU）增长了 26%。在关键的其他地区组中，包括 3.29 亿用户，Pinterest 的收入比去年增长了 44%。这仍然是一个巨大的机会，因为该组的平均用户产生的收入仍不到典型美国用户的 3%。</p>
<p>Pinterest 的资产负债表上有 26.6 亿美元的现金和可交易证券，比一年前增加了近 1.5 亿美元。由于回购，公司的流通股数量在过去一年中下降了近 3%，Pinterest 拥有财务灵活性，可以利用未来出现的机会。</p>
<h2>未来的担忧</h2>
<p>尽管前景强劲，Pinterest 的管理层对关税对广告支出的影响表示担忧。首席财务官 Julia Donnelly 在公司的财报电话会议中提到的一个例子是，受关税免税政策结束影响的亚洲电子商务零售商。因此，虽然 Pinterest 的股价在财报发布后立即下跌，但这些评论是导致股价双位数下跌的原因。</p>
<h2>这是一个买入机会吗？</h2>
<p>坦白说，Pinterest 已经是我最大的投资之一，所以我不太可能在短期内增加持股。然而，如果你相信（就像我一样）关税的影响将更多是短期问题，而不是对广告需求的永久拖累，那么现在可能是仔细考虑的好时机。</p>
<p>我多次说过，我最喜欢的买入机会之一就是当公司每股收益低于预期一两美分时，股价随之下跌双位数。虽然 Pinterest 的股价可能会波动，特别是在关税初步影响显现时，但长期的投资逻辑仍然非常稳固，管理层的表现也非常出色。</p>

PINS

<p>Pinterest 的股票在发布第二季度财报后下跌了 12%，尽管收入增长了 17% 且用户数量有所增加。此次下跌归因于每股收益略微不及预期以及对关税影响广告需求的担忧。尽管公司拥有强大的现金储备且用户变现情况正在改善，但管理层对关税的警告引发了投资者的谨慎。一些分析师认为，考虑到整体积极的增长前景，这可能是长期投资者的潜在买入机会</p>

<p><strong>Pinterest</strong>(PINS -10.17%) reported its second-quarter earnings recently, and the stock fell by about 12% the next day. Although top-line revenue is growing faster than expected, the company's profitability was a little lower than analysts had hoped for, and there are some concerns about the effect of new tariffs on ad demand.</p>
<div class="lb-trans"><p><strong>Pinterest</strong>(PINS -10.17%) 最近公布了第二季度的财报，次日股价下跌约 12%。尽管营收增长快于预期，但公司的盈利能力略低于分析师的预期，并且对新关税对广告需求的影响存在一些担忧。</p>
</div><p>In other words, there was a lot of good to balance out the bad. So why is the stock falling so much? Is it a buying opportunity for long-term investors, or would it be best to stay away for the time being? Here's a quick rundown of Pinterest's Q2 results, why the stock is down, and whether it could be a good time to buy.</p>
<div class="lb-trans"><p>换句话说，好的因素与坏的因素相互抵消。那么，为什么股价会下跌这么多？这对长期投资者来说是一个买入机会，还是暂时最好避开？以下是对 Pinterest 第二季度业绩的快速回顾，股价下跌的原因，以及是否是一个好的买入时机。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5NTEvY291cGxlLWF0LWxhcHRvcC0yMDIzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826951%2Fcouple-at-laptop-2023.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Pinterest's second quarter: The good and the bad</h2>
<div class="lb-trans"><h2>Pinterest 的第二季度：好与坏</h2>
</div><p>We'll start with the good. Pinterest reported top-line revenue that grew by 17% year over year and handily surpassed analysts' expectations. Not only that, but the company gave upbeat third-quarter revenue guidance, and the platform added 8 million users for the quarter, nearly twice as many as were projected. There are now 578 million monthly active users worldwide, and there was growth in all three geographical segments Pinterest reports (U.S &amp; Canada, Europe, and Rest of World).</p>
<div class="lb-trans"><p>我们先从好的方面开始。Pinterest 报告的营收同比增长 17%，大幅超出分析师的预期。不仅如此，公司还对第三季度的营收前景表示乐观，平台在本季度新增了 800 万用户，几乎是预期的两倍。目前全球每月活跃用户已达到 5.78 亿，Pinterest 报告的三个地理区域（美国和加拿大、欧洲及其他地区）均实现了增长。</p>
</div><p>The weakness, however, came on the bottom line. Pinterest missed earnings per share (EPS) estimates by two cents, which appears to be the main negative in the earnings report.</p>
<div class="lb-trans"><p>然而，弱点出现在盈利方面。Pinterest 的每股收益（EPS）低于预期两美分，这似乎是财报中的主要负面因素。</p>
</div><p>To be sure, other profitability metrics were quite strong. Free cash flow margin was almost 20%, compared with just 12% in the second quarter of 2024. Monetization of the user base is also progressing nicely, especially outside of the U.S., which is where the bulk of Pinterest users are.</p>
<div class="lb-trans"><p>当然，其他盈利指标相当强劲。自由现金流利润率接近 20%，而 2024 年第二季度仅为 12%。用户基础的变现进展良好，尤其是在美国以外的地区，而 Pinterest 的大部分用户正是在这些地区。</p>
</div><p>Average revenue per user (ARPU) from the platform's 146 million European users grew by 26%. In the crucial Rest of World group, which includes 329 million users, Pinterest generated 44% more than it did a year ago. This remains a massive opportunity, as the average user in this group still generates less than 3% of the revenue that a typical U.S. user brings in.</p>
<div class="lb-trans"><p>来自平台 1.46 亿欧洲用户的每用户平均收入（ARPU）增长了 26%。在关键的其他地区组中，包括 3.29 亿用户，Pinterest 的收入比去年增长了 44%。这仍然是一个巨大的机会，因为该组的平均用户产生的收入仍不到典型美国用户的 3%。</p>
</div><p>Pinterest has $2.66 billion in cash and marketable securities on its balance sheet, nearly $150 million more than a year ago. The company's outstanding share count has fallen by almost 3% over the past year thanks to buybacks, and Pinterest has financial flexibility to take advantage of future opportunities that arise.</p>
<div class="lb-trans"><p>Pinterest 的资产负债表上有 26.6 亿美元的现金和可交易证券，比一年前增加了近 1.5 亿美元。由于回购，公司的流通股数量在过去一年中下降了近 3%，Pinterest 拥有财务灵活性，可以利用未来出现的机会。</p>
</div><h2>Concerns going forward</h2>
<div class="lb-trans"><h2>未来的担忧</h2>
</div><p>Despite the strong forecast going forward, Pinterest's management expressed concern over the effects of tariffs on ad spending. One example CFO Julia Donnelly cited in the company's earnings call is Asia-based e-commerce retailers hit by the end of the de minimis exemption to tariffs. So, while Pinterest stock took an initial plunge immediately after the earnings release, these comments are what triggered the double-digit decline.</p>
<div class="lb-trans"><p>尽管前景强劲，Pinterest 的管理层对关税对广告支出的影响表示担忧。首席财务官 Julia Donnelly 在公司的财报电话会议中提到的一个例子是，受关税免税政策结束影响的亚洲电子商务零售商。因此，虽然 Pinterest 的股价在财报发布后立即下跌，但这些评论是导致股价双位数下跌的原因。</p>
</div><h2>Is it a buying opportunity?</h2>
<div class="lb-trans"><h2>这是一个买入机会吗？</h2>
</div><p>In full disclosure, Pinterest is already one of my largest investments, so I'm not likely to add shares anytime soon. However, if you believe (as I do) that the tariff effects will be more of a short-lived problem than a permanent drag on ad demand, it could be a good time to take a closer look.</p>
<div class="lb-trans"><p>坦白说，Pinterest 已经是我最大的投资之一，所以我不太可能在短期内增加持股。然而，如果你相信（就像我一样）关税的影响将更多是短期问题，而不是对广告需求的永久拖累，那么现在可能是仔细考虑的好时机。</p>
</div><p>I've said many times that some of my favorite opportunities to buy shares of my favorite companies are when companies miss earnings by a penny or two and the stock proceeds to fall by double digits. While Pinterest could certainly be volatile, especially as the initial effect of tariffs plays out, the long-term thesis is still very much intact, and management is doing an excellent job.</p>
<div class="lb-trans"><p>我多次说过，我最喜欢的买入机会之一就是当公司每股收益低于预期一两美分时，股价随之下跌双位数。虽然 Pinterest 的股价可能会波动，特别是在关税初步影响显现时，但长期的投资逻辑仍然非常稳固，管理层的表现也非常出色。</p>
</div>

Pinterest 的股票在财报发布后刚刚下跌了 12%。这是一个危险信号，还是一个买入机会？