Pinterest sinks on weak Q3 revenue growth forecast

** PINS global monthly active users increased 11% to 640 mln in Q2, while average revenue per user rose 7% to $1.86

** 19 of 39 brokerages rate the stock "buy" or higher, 20 "hold"; their median PT is $28

** As of last day's close, PINS down ~1.2% YTD

** Pinterest PINS.N down 8.56% at $23.39 premarket

** Co forecast slower Q3 revenue growth on Tuesday, signaling intensifying competition in digital advertising from larger rivals such as Meta's Instagram

** Co forecast current-quarter revenue of $1.19 bln to $1.21 bln, representing growth of 13% to 15%, compared with 18% revenue growth in Q2

** The midpoint of the forecast, however, is broadly in line with analysts' estimate of $1.20 bln - data compiled by LSEG