Pinterest Inc (NYSE:PINS) stock fell 3.41% (As on February 7, 11:15:25 AM UTC-4, Source: Google Finance) after the company reported revenue that missed analyst expectations and issued a light forecast for the first quarter. The company’s fourth-quarter earnings report comes after digital ad companies like Facebook parent Meta and Google parent Alphabet reported tepid numbers. Pinterest recorded net income of $17 million in the fourth quarter, but logged a net loss of $96 million for the full year. The company said its global monthly active users increased by 4% year-over-year to 450 million. Average revenue per user, or ARPU, for the U.S. and Canada region rose 6% in the fourth quarter to $7.60. The company’s global monthly active users (MAUs) grew 4% to 450 million, below estimates of 452.3 million. Mobile app MAUs grew 14% year over year, and our U.S. and Canada mobile app users grew 5% year over year, accelerating from last quarter. Gen Z was the fastest growing demographic on the platform, and grew double digits year over year. Gen Z sessions grew much faster year over year than sessions from older demographics. Nearly half of all new videos pinned in Q4 were from Gen Z users.

PINS in the fourth quarter of FY 22 has reported the adjusted earnings per share of 29 cents, beating the analysts’ estimates for the adjusted earnings per share of 27 cents. The company had reported the adjusted revenue growth of 4 percent to $877 million in the fourth quarter of FY 22, missing the analysts’ estimates for revenue of $886.3 million, according to Refinitiv.

Pinterest said its board authorized a share repurchase program of up to $500 million of its Class A common stock over the next 12 months.

Pinterest said it expects sales in the first quarter to increase in the “low single digits” from a year earlier. Analysts were expecting growth of 6.9% to $614.8 million.

The company said that its chief financial officer and head of business operations Todd Morgenfeld will leave the company on July 1, 2023.

Pinterest reportedly laid off around 150 employees last week, joining the growing list of technology companies like Meta, Alphabet and Salesforce that have fired workers in recent months.

The current expectation is that Q1 2023 revenue will grow low single digits on a year-over-year percentage basis, which takes into account slightly lower foreign exchange headwinds than Q4 2022. Analysts were expecting growth of 6.9% to $614.8 million. The company expects the Q1 2023 non-GAAP operating expenses to decline to low double digits percent quarter-over-quarter.