Last week was a tough one for Pinterest (PINS).
Shares fell more than -18% on Friday after the company posted weak second quarter financial results. Analysts were scared by a decline in monthly active users (MAUs), a key metric used to gauge interest in the app.
In total, domestic MAUs were down 7% while global MAUs were up a solid 5%. This fit the trend with other social media companies, as both Twitter (TWTR) and Facebook (FB) either matched or missed their MAU estimates:
In a letter to shareholders, PINS management stated:
"Since mid-March, however, we believe engagement on Pinterest was disproportionately lower as people began spending more time socializing with friends outside their homes, eating in restaurants, and generally participating in activities that are not our core use cases."
Basically, management is saying that...