<p><strong>Pinterest</strong>(PINS -10.17%) 最近公佈了第二季度的財報，次日股價下跌約 12%。儘管營收增長快於預期，但公司的盈利能力略低於分析師的預期，並且對新關税對廣告需求的影響存在一些擔憂。</p>
<p>換句話説，好的因素與壞的因素相互抵消。那麼，為什麼股價會下跌這麼多？這對長期投資者來説是一個買入機會，還是暫時最好避開？以下是對 Pinterest 第二季度業績的快速回顧，股價下跌的原因，以及是否是一個好的買入時機。</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>圖片來源：Getty Images。</p>
<h2>Pinterest 的第二季度：好與壞</h2>
<p>我們先從好的方面開始。Pinterest 報告的營收同比增長 17%，大幅超出分析師的預期。不僅如此，公司還對第三季度的營收前景表示樂觀，平台在本季度新增了 800 萬用户，幾乎是預期的兩倍。目前全球每月活躍用户已達到 5.78 億，Pinterest 報告的三個地理區域（美國和加拿大、歐洲及其他地區）均實現了增長。</p>
<p>然而，弱點出現在盈利方面。Pinterest 的每股收益（EPS）低於預期兩美分，這似乎是財報中的主要負面因素。</p>
<p>當然，其他盈利指標相當強勁。自由現金流利潤率接近 20%，而 2024 年第二季度僅為 12%。用户基礎的變現進展良好，尤其是在美國以外的地區，而 Pinterest 的大部分用户正是在這些地區。</p>
<p>來自平台 1.46 億歐洲用户的每用户平均收入（ARPU）增長了 26%。在關鍵的其他地區組中，包括 3.29 億用户，Pinterest 的收入比去年增長了 44%。這仍然是一個巨大的機會，因為該組的平均用户產生的收入仍不到典型美國用户的 3%。</p>
<p>Pinterest 的資產負債表上有 26.6 億美元的現金和可交易證券，比一年前增加了近 1.5 億美元。由於回購，公司的流通股數量在過去一年中下降了近 3%，Pinterest 擁有財務靈活性，可以利用未來出現的機會。</p>
<h2>未來的擔憂</h2>
<p>儘管前景強勁，Pinterest 的管理層對關税對廣告支出的影響表示擔憂。首席財務官 Julia Donnelly 在公司的財報電話會議中提到的一個例子是，受關税免税政策結束影響的亞洲電子商務零售商。因此，雖然 Pinterest 的股價在財報發佈後立即下跌，但這些評論是導致股價雙位數下跌的原因。</p>
<h2>這是一個買入機會嗎？</h2>
<p>坦白説，Pinterest 已經是我最大的投資之一，所以我不太可能在短期內增加持股。然而，如果你相信（就像我一樣）關税的影響將更多是短期問題，而不是對廣告需求的永久拖累，那麼現在可能是仔細考慮的好時機。</p>
<p>我多次説過，我最喜歡的買入機會之一就是當公司每股收益低於預期一兩美分時，股價隨之下跌雙位數。雖然 Pinterest 的股價可能會波動，特別是在關税初步影響顯現時，但長期的投資邏輯仍然非常穩固，管理層的表現也非常出色。</p>

PINS

<p>Pinterest 的股票在發佈第二季度財報後下跌了 12%，儘管收入增長了 17% 且用户數量有所增加。此次下跌歸因於每股收益略微不及預期以及對關税影響廣告需求的擔憂。儘管公司擁有強大的現金儲備且用户變現情況正在改善，但管理層對關税的警告引發了投資者的謹慎。一些分析師認為，考慮到整體積極的增長前景，這可能是長期投資者的潛在買入機會</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%) 最近公佈了第二季度的財報，次日股價下跌約 12%。儘管營收增長快於預期，但公司的盈利能力略低於分析師的預期，並且對新關税對廣告需求的影響存在一些擔憂。</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>換句話説，好的因素與壞的因素相互抵消。那麼，為什麼股價會下跌這麼多？這對長期投資者來説是一個買入機會，還是暫時最好避開？以下是對 Pinterest 第二季度業績的快速回顧，股價下跌的原因，以及是否是一個好的買入時機。</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>圖片來源：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：好與壞</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>我們先從好的方面開始。Pinterest 報告的營收同比增長 17%，大幅超出分析師的預期。不僅如此，公司還對第三季度的營收前景表示樂觀，平台在本季度新增了 800 萬用户，幾乎是預期的兩倍。目前全球每月活躍用户已達到 5.78 億，Pinterest 報告的三個地理區域（美國和加拿大、歐洲及其他地區）均實現了增長。</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，弱點出現在盈利方面。Pinterest 的每股收益（EPS）低於預期兩美分，這似乎是財報中的主要負面因素。</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>當然，其他盈利指標相當強勁。自由現金流利潤率接近 20%，而 2024 年第二季度僅為 12%。用户基礎的變現進展良好，尤其是在美國以外的地區，而 Pinterest 的大部分用户正是在這些地區。</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>來自平台 1.46 億歐洲用户的每用户平均收入（ARPU）增長了 26%。在關鍵的其他地區組中，包括 3.29 億用户，Pinterest 的收入比去年增長了 44%。這仍然是一個巨大的機會，因為該組的平均用户產生的收入仍不到典型美國用户的 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 的資產負債表上有 26.6 億美元的現金和可交易證券，比一年前增加了近 1.5 億美元。由於回購，公司的流通股數量在過去一年中下降了近 3%，Pinterest 擁有財務靈活性，可以利用未來出現的機會。</p>
</div><h2>Concerns going forward</h2>
<div class="lb-trans"><h2>未來的擔憂</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>儘管前景強勁，Pinterest 的管理層對關税對廣告支出的影響表示擔憂。首席財務官 Julia Donnelly 在公司的財報電話會議中提到的一個例子是，受關税免税政策結束影響的亞洲電子商務零售商。因此，雖然 Pinterest 的股價在財報發佈後立即下跌，但這些評論是導致股價雙位數下跌的原因。</p>
</div><h2>Is it a buying opportunity?</h2>
<div class="lb-trans"><h2>這是一個買入機會嗎？</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>坦白説，Pinterest 已經是我最大的投資之一，所以我不太可能在短期內增加持股。然而，如果你相信（就像我一樣）關税的影響將更多是短期問題，而不是對廣告需求的永久拖累，那麼現在可能是仔細考慮的好時機。</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>我多次説過，我最喜歡的買入機會之一就是當公司每股收益低於預期一兩美分時，股價隨之下跌雙位數。雖然 Pinterest 的股價可能會波動，特別是在關税初步影響顯現時，但長期的投資邏輯仍然非常穩固，管理層的表現也非常出色。</p>
</div>

Pinterest 的股票在財報發佈後剛剛下跌了 12%。這是一個危險信號，還是一個買入機會？