Despite missing initial estimates, Pinterest doesn’t look too shabby.
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Slow but steady
The platform reported growth in the number of active users, which now exceeds 450M, climbing 4% year-over-year (YoY), though it missed expectations by 3%.
Revenues also increased 4% YoY to $877M, but fell short of the $886.3M estimations.
Still rolling
Pinterest says that Idea Pins—its video feature—gained traction, boosted by Gen Z coming to the platform and increasing overall video supply by 30%.
“More than 10% of all engagement is video and more than 30% of revenue is short-form video,” Pinterest CEO Bill Ready said during earnings call.
Monetize, monetize
Pinterest intends to make every Pin shoppable in the future. And yes, video content will be a part of that.
The platform will also continue to invest in and explore live-stream shopping. Lots going on!
Why we care
After a rough 2021 and last year’s layoffs, Pinterest seems to be picking itself back up. Both users and revenue are steadily growing.
And with videos becoming more popular and shoppable, that could open the door for some effective creative advertising strategies.
Pin that thought.