图片社交平台Pinterest (PINS) 今日盘中股价大幅下挫24.70%，引起市场广泛关注。
消息面上，公司发布的2025年第四季度营收为13.2亿美元，略低于市场预期的13.3亿美元。更为关键的是，公司对2026年第一季度的业绩展望令市场失望，预计调整后EBITDA将介于1.66亿至1.86亿美元之间，显著低于市场预期的2.05亿美元。此外，公司高管指出，特朗普政府的关税政策持续对其顶级客户的广告支出造成不成比例的影响，导致大型零售商为保护利润率而削减广告预算。
与此同时，Pinterest正面临来自TikTok、Instagram、Meta等财力雄厚竞争对手的激烈竞争，市场也担忧人工智能（AI）技术可能整合“发现”与“购买”环节，从而对其核心商业模式构成颠覆性威胁。分析师亦质疑其平台商业化能力，认为高意向搜索未能有效变现，并有多家机构下调了其目标股价。
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