However, with more US consumers starting their journey on rival platforms like YouTube and TikTok, or directly on a retailer’s website, it may become harder for Pinterest to insert itself into the shopping process.But as Ready pointed out on the earnings call, whether a shopper ultimately completes the purchase on Pinterest doesn’t really matter so long as the platform plays some role in facilitating the transaction.More people use Facebook, YouTube, Instagram, TikTok, and Snapchat to shop than Pinterest, per an April survey by Klarna. On the other hand: While the company has rolled out a steady stream of social commerce features-from shoppable product pins to Shop tabs on business profiles and live shopping-it’s far from the most popular social commerce platform. It followed that up a few months later with its acquisition of AI-powered shopping platform The Yes.Earlier this year, Pinterest launched its first personalized shopping experience, calling it “Your Shop.”.With that data on hand, Pinterest is also leaning into personalization to make the user experience stickier and improve relevance. Ready for commerce: Both Ready and Elliott Management noted that Pinterest occupies a unique position “at the intersection of social media, search, and commerce.” With more customers starting their shopping journeys online, the platform’s role as a tool for inspiration and product discovery gives it valuable insight into purchase intent, making it attractive to retailers. In Q2, Snap reported losses of $422 million compared with losses of $152 million in Q2 2021.Twitter’s Q2 ad revenues of $1.08 billion were up just 2% from a year ago by comparison, Q1 ad revenues increased by 23% YoY to $1.11 billion.Meta, the parent of Facebook, Instagram, and WhatsApp, reported its first YoY decline in revenue this past quarter.But the company was buoyed by the presence of new CEO Bill Ready, a former head of Google’s commerce division and PayPal COO, whose hiring signals a stronger push toward social commerce. Zoom out: Pinterest’s far-from-stellar earnings come as other major players in the social media landscape have seen dismal results. CFO Todd Morgenfeld said on the company’s earnings call that shopping revenues are growing twice as fast as overall revenues.Average revenue per user (ARPU) grew 20% in the US & Canada, going from $4.87 to $5.82.Pinterest’s revenues rose 9% year-over-year (YoY), its slowest growth in two years, due to softening advertising demand from CPG companies, big-box retailers, and mid-market advertisers.
Pinterest anticipates third-quarter revenues to increase by “mid-single digits” versus last year, falling very short of analysts' expectations of 12.7% growth.Revenue more than doubled to $613.2 million. Adjusted for stock-based compensation, among other things, earnings were 25 cents a share. The social media platform reported second-quarter net income of $69.4 million, which amounts to 10 cents a share, compared with a net loss of $100.8 million, or a loss of17 cents a share, in the year-ago period. Pinterest said it would not issue third-quarter MAU growth guidance because restrictions due to the spread of Covid-19 continue to fluctuate.ĭespite its sequentially declining user count, Pinterest topped analyst expectations for adjusted per-share profit and revenue. “Now, as the world opens up, we’re seeing the similar effect in the opposite direction.” “For the past year, we’ve highlighted how people came to Pinterest for inspiration to reinvent their lives during such a difficult time,” he said. But now that economies around the world have begun to reopen, some of the behavior common a year ago during the height of the pandemic have changed-redecorating, home education, and cooking at home, for example-and aren’t as common, he said. Pinterest CEO Ben Silbermann said stay-at-home orders in the past year helped drive engagement and usage of its platform.
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