TMTB: PINS EXPE AFRM First takes

Note: I changed a setting in Substack so if you have notifications turned on for the TMTB chat, you will ONLY get pinged when I make a post (and not when any one else does).

PINS -15% on a top line miss despite MAUs and EBITDA better and guide bracketing street

Revs missed at 12% growth vs street at 13% and buyside expects of 14-15% growth. Despite the miss, Q1 guide implies 15-17%, inline with street and maybe slightly less than buyside expects. Despite it being down, if they talk about ramping partnerships in 2024, think most won’t view the the story as broken given better MAUs/EBITDA and decent Q1 guide. Expectations had just been v high heading into the print. Already rallying back from down 20%+ to down 15% as I write this…

MAUS solid 498M vs 486M, a 12M increase vs expects of only 6M.
EBITDA also decent beat despite rev miss at $364M vs $358M