Pinterest delivered a larger-than-expected loss and a disappointing sales outlook in its first quarterly earnings report, sending its stock down more than 15% in after-hours trading Thursday.

Through Thursday’s regular trading session, Pinterest’s shares had risen 62% from last month’s initial public offering price of $19 on Wall Street enthusiasm for its online scrapbook concept. It is one of several money-losing tech companies to have recently gone public at high valuations.

For the first quarter, Pinterest posted a 54% increase in revenue to $201.9 million, beating analysts’ estimates of $200.8 million. But its adjusted loss of $0.32 per share was well above forecasts of a $0.10 per share loss.

The company also predicted full-year revenue of $1.06 billion to $1.08 billion, missing Wall Street’s $1.09 billion estimate. In the extended trading session, Pinterest shares dropped 15.4% to $26.10.

“Clearly the after-hours pullback is a reflection of investor expectations being too high heading into the quarter,” DA Davidson analyst Tom Forte told Reuters.

Pinterest sold 75 million Class A shares in an IPO that raised $1.4 billion at a fully diluted market cap of $12.6 billion. It expects to be profitable by 2021 and its first-quarter net loss shrank to $41.4 million from $52.7 million a year earlier.

Monthly active users rose 22% to 291 million monthly active users, beating estimates of 289.3 million, with international users up 29%. Average revenue per user grew 41% to $2.25 in the U.S., Pinterest’s core market.

“We were particularly encouraged by the strength we saw in U.S. revenue and international user growth,” CFO Todd Morgenfeld said in a news release. “Our strong revenue performance allowed us to expand net margin by 20 percentage points year over year.”

Morgenfeld told analysts in an earnings call that Pinterest has seen accelerating growth in the number of advertisers on its platform, in part due to its new self-service tool.

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