In 2021, I’m especially proud of our teams to lay the foundation for native content ecosystem. And because we believe that native content in video in particular is fundamental to help the people get inspiration and shop in the future. To do this well, we’re also working to connect Pinners with the most inspirational creators and native content in dynamic formats like short term video.Īs we’ve discussed in past calls, this investment has come at the cost of some used in the short term as we get the ecosystem off the ground, but we’re committed to this strategy because we believe it will drive engagement over time. In the medium term, we continue to invest in a rich content ecosystem with publishing tools to allow creators to publish rich lifestyle content on the Pinterest and we’re also allowing people to take the content they find and create on Pinterest and share that inspiration with their friends, family and followers across the internet. We also plan to launch a global brand awareness in comprehension marketing campaign starting in Q3. All of these, enhance the quality of our platform for Pinners in our leading indicators of deeper user engagement. As a result, we’ve seen marked improvements in the relevance of home feed recommendations, the quality of search results and engagement with notifications. In the near term, we’re applying sophisticated machine learning to every aspect of our platform. We’re doing a number of things to improve the Pinner experience and tackle engagement headwinds head on. We also felt the impacts of lower traffic from search in time spent by people on competitive platforms. We had 433 million, global monthly active users down 9% compared to Q1 last year, a quarter that was driven by pandemic influence growth. Meanwhile, we continue to face engagement headwinds. This was due to strength from retail advertisers, our international business and our managed SMB advertisers, all of which offset the economic weakness we’re seeing in CPG in Europe because of the war. Revenue was strong with 18% year-over-year growth, to $575 million. A few minutes ago, we released our Q1 shareholder letter. We’ll continue to keep everyone affected in our thoughts during this unimaginable time. We have members of our team in the region and are now thankfully safe and I’m proud of how our company came together to support humanitarian efforts for Ukrainians. But just before we get started, I want to express on behalf of our entire company and our hearts continue to go out to all those impacted by what’s happening in Ukraine. We’ll open up with some comments and then take your questions. A reconciliation of non-GAAP to GAAP measures is included in today’s earnings press release and letter to shareholders, which are distributed and available to the public through our Investor Relations website located at. For more information, please refer to the risk factors discussed in our most recent Forms 10-Q or 10-K filed with the SEC and available on the Investor Relations section of our website.ĭuring this call, we will present both GAAP and non-GAAP financial measures. We are making these forward-looking statements based on information available to us as of today, and we disclaim any duty to update them later unless required by law. In addition, our results, trends and outlook for Q2 2022 and beyond are preliminary and are not an indication of future performance. Some of the statements we make today regarding our performance, operations and outlook, including the impact of the COVID-19 pandemic, may be considered forward-looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. Joining me today on the call are Ben Silbermann, Pinterest President and CEO and Todd Morgenfeld, our Chief Financial Officer and Head of Business Operations. I’m Neil Doshi, Head of Investor Relations for Pinterest. Welcome to Pinterest’s earnings call for the first quarter ended March 31, 2022. Good afternoon and thank you for joining us. I would now like to pass the conference over to our host, Neil Doshi, Head of Investor Relations with Pinterest. My name is Bethany and I’ll be your moderator for today’s call. Thank you for attending today’s Pinterest First Quarter 2022 Earnings Call. Rich Greenfield - LightShed Partners - Analystīrian Fitzgerald - Wells Fargo Securities - Analyst Presentation: Todd Morgenfeld - Chief Financial Officer Analysts: 27, 2022 Corporate Participants:īenjamin Silbermann - President and Chief Executive Officer ( NYSE: PINS) Q1 2022 earnings call dated Apr.
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