Pinterest Inc shares plunged more than 10% Monday following the release of its quarterly and annual financial results.

Market participants expected earnings of $887.4 million. However, earnings came in at $877 million. The company registered a net income of $17 million in the fourth quarter but logged a net loss of $96 million for 2022. Finally, Pinterest announced that its chief financial officer, Todd Morgenfeld, will step down from the company on July 1, 2023.

At 4:19 pm ET, the company's shares were down 10.82% to sell for $24.90.