PINS - Earnings call transcript Q4 2020

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Operator

Hi and thank you. Good afternoon and thanks everyone for joining us. Welcome to Pinterest Earnings Call for the Fourth Quarter and Full Year ended December 31, 2020. I’m Doug Clark from Investor Relations with Pinterest. And me today on the call are Ben Silbermann, Pinterest President and CEO and Todd Morgenfeld our Chief Financial Officer and Head of Business Operations.

Safe the cover I’ll Harbor. Now,

forward-looking statements Some differ and our COVID-XX uncertainties make involve materially. considered regarding that could results we operations of pandemic, number and to risks be the the performance, of outlook today impact statements actual that including of such and cause may a the

In preliminary indication an performance. and results, of and for outlook trends our not addition, QX are XXXX future

we these forward-looking law. as statements based any available them information update us and by making on of to later, today, are disclaim required to duty We unless

more risk XX-Q our For information, the the discussed please filed our XX-K section our refer SEC Forms factors website. recent relations available on to investor most with and in or of

non-GAAP During is this the investor to available now, call financial over located GAAP non-GAAP public to in reconciliation included shareholders turn and at our the investor.pinterestinc.com. call, release measures to of which we A will and and to earnings Ben. through GAAP measures. press today's distributed letter I'll website are present relations And both

Ben Silbermann

you thank Hi, hope today. I safe your families joining are us and you and for healthy. everyone and

thanks going the of the of for show more Since announced questions. up And off. We're pandemic, of was XX% follow I as progress a our I continuing on a of with forward looking In were while year quarter priorities. had Revenue all is a year-over-year for results It the for it our about some we're new strategic by dedication the QX more Todd I'll XXXX. to than a a good start everyone and obviously XXXX. financials we’ll spend adapt Just $XXX saying going on huge up team and the by XXXX. to start then in QX to our our our about grew then XX% as as progress, paid feel $XXX short and year, in on users results open because trying to hard our in that progress and quickly. bit company we ago, I’m time proud to reviewing it’s million. usual with saying We their this million. deliver year-over-year for and mission. unrest. a for profitable social resilience active grew well to focused monthly want basis to to political non-GAAP work our

be like. able before, it felt do, create be want telling businesses before from decide from on they news. our everyone reach they Now, not on space dream need other optimistic, to want is mission place buy than more to They to to want lives. the politics what are and focus life themselves that other inspiration creators what people as entertain, planning a time. the We they to more process early want people a to to just based important for And hear now. they you will lives. to a never People they what people's away Even a need their in and it's place enrich than be And I told us to to the all this bring is bad love. folks

designed mission. in to for that progress to you advance with our priorities that with XXXX So mind, four I our want share against

priority first is inspiring content. The

It's why to our who with starts services come businesses people For and service. their them. why connect to the love It's inspiration. us, with everything people come products

the and interior And this in onto designers. like bring pinner people year, somebody home also categories. We're other we content. dynamic continue to way inspire represents to get or continuously incredible and way across directly At get from storytelling like form evolve from to to focus of emerging about favorite multi to focused publish Pinterest. recipes a chefs, what we from video, want we've formats style last content could end our fashion a users. happen their decor inspiration, creators, what the their we the number now about tips do They're Pinterest invest on the pinners so that lives. pinners entertainment. great learn to creators And ways different tutorials, are incredible as less web to empowered platforms. you, to Historically, brands. we we're did, bring else the to seeing they're creators. from more Thanks Today, onto from short inspirational decorators, deliver They're introduced expanding tips most can enrich pinners Pinterest to stories And how of new our not new own page story which on

started like the that's can video it's a our been this a shopping it's committed We're has for content Dennis pinners. work pins here. For story to worth than just laundry it because adoption. and it We've The XX positive his show used time Last for for experience letter, why getting broad and And reach it same example, brand million scale we and is in shareholder things to to be learned ordinary pinners. Pinterest, a traders bin. viewed from personal richer the with times, workout ultimately long his highlighted great he trainer, we're year, but routines to true takes home delivers Dixon. But our investments which term. more on and with do in for simple both for

the introducing more first offered talked we about and with that explore find made how second inspiration they'll products plan content. make a like their they with recommendations, have the shopping collaborate like Pinterest class year, the Data futures with pinner boards progress, eye to that This love useful a in with relevant we experience. expand means that is we deepening want The whatever relevance AR cases. products priority Last more And tab brought and pinner features tools, of We diverse improve goes like focus. improve just We experience. and and way use and sure projects and people and to to we more year, that technology we to day. want others products will It with and trial dates, folks launched, feature journey, visualize new shadow in notes. in to features their that making

do see other be content places a this course, pins part on so this we'll positive of online. pinners finally, in you the continue environment, all focus much free will Of in so story too. And of safety can negativity the from to of

Unlike that that a helping buy early, sometimes as as consumers the projects plan an of ahead things they come is businesses services, ads priority Our made Pinterest them to for ads come their reach sometimes home, to third of is with people aspect a businesses seen remodelling often want. advertisers One can they succeed. there are And relevant where months it's or because people intent time for unique a actually And for what other buying new to discover distraction, decisions. before Pinterest a the enhance user like help experience outfit. opportunity

scaling most easier bring sales is in in positive mission. fourth trends future investing to automation advertisers critical invest means shopping. new more our to for making the That it tools offering a team space. [ph]. insights to continuing That successful make to advertise and to And advertisers, about our advertisers finally significantly content means in the final priority in on are Nicole's brands get dollars. achieving safety, to help is and showcased value so that The So

people we the unless our create mission offline. about help isn't complete First they dream life

what is mode directly being they query. it from so Last the shop that And in possible. able made front. switch to often progress search to the see we shopping makes We made buy year, the into action ideas easy

to by new throughout This their experiences. So advertising help businesses to build help interest evaluate led which buy we of in their features products pinners shopping and from on introduced a we’re increase Xx year, on this momentum and products more Pinterest, to QX. discover, all continuing some get in merchants, shopping planning

you to where Finally, expand can we features no matter Pinterest. on that shop so want globally you more live, these

brief with expand it over a the on I'll to at excited year look but We're about more the excited the four for that, about progress, to Todd financials. the turn And ahead. that's So priorities ahead. opportunities

Todd Morgenfeld

I'll QX. We'll for further in details saw some as go we the preliminary of into quick with a more go QX Ben. trends a outlook on provide start summary into now well and Thanks, detail. as then headlines to the

see EBITDA once but again strong of margins all I user growing we Ben this more adjusted As That's Pinterest. strong for XX%. growing mentioned added We monthly want year. because Ben fourth on XX% exciting year-over-year in in into had It's a many active million Monthly inspiration growth echo XXXX. added quarter. double than finding globally with it achievement. regions well, active mentioned, digits. people it's earlier, major so we've searching as with incredibly to over remains a to a Revenue users XXX ever tremendous very and

expect quarter. first range we ahead, grow the to our the Looking in in low year-over-year revenue XX%

strength total at the a in were compared expect to in quarter also to two our similar to QX. drivers maintain first We expenses operating non-GAAP level primary fourth the There quarter.

quarter, in are similar to our team off. and well. investments and coverage made The working is and then executing continuing the third strategy sales to First, pay is our technology, we've

and advertising, being our returns value conversion ability Over including on of performance deliver ads, optimization, the of we've to realize ads, sizes in invested building and improved the onboard easily automation last more year, to advertisers help all Pinterest. better shopping, scaling, accountable

Drilling that demand. contributor grew now also businesses. in to our sales was and especially a revenue. of We to markets again for And of and Europe the sized bid our our business small, medium XXX% auto Western total strong XX% in team so our once international year-over-year back engagement advertiser was there. strength meaningful on pleased monetize represent I'm QX International expanded down, small

Stuck advertisers to the We we based best growth serve with Ben plan merchants earlier. beyond against that saw strong verticals, retail overall key broad Given biggest holiday demand. and drove objectives, strength momentum, the a from advertisers. this improvement priorities pinners, own and healthy mentioned to sizes online advertising and invest investments, continue advertiser season our across to

backdrop. Importantly, our against this well executed team

season our built Our program as seasonal marketing teams moments. sales prepare holiday program an through the of longer helped and us to persisted result. deliver the year, that the intent and commercial for campaigns helped and helped continue That seeing holiday shopping performing shopping QX businesses against better of XXXX advertisers start led go-to-market this as this the the year. create over earlier season a insights showcased users This course results

season. holiday two search Company Lego the trends to holiday campaign right of search terms the me Lego The ads Seeing popular give Pinterest. and gifts for tailor examples. on moment created at ahead allowed on kid’s the based Let Company increasing a creative serve

the partnered With both example a They flavors. Coffee effective including to trends a around and positive that key lift delivered of intent pinner seasonal results and consumer brand party Nespresso uncover and Another luxury Company, holiday dynamics auction behavior, also our is gifting, consumer trends, Nespresso. understanding recipes the and around teams season, with advertising coffee study. showed better search campaigns third holiday

Turning for in XXs grow expect we range to the QX, preliminary QX. to in low percent our outlook revenue

positive and As expect from shopping in automation, we geographies, to Latin we the continue. sales coverage about in think tools and like add international investments to first coverage existing QX the plan half year. expand and into in We of expand our in America our monetization full expansion year, the also further trends

a be to an want things. navigating we're fluid We mindful on that few eye landscape, we'll be a also keeping

of and inspiration. if to We could Since and engagement. reverse Pinterest the more that have that COVID appeared, see restriction First, more we COVID some know to come leaves. users find on impact people of

in privacy relevant the conversions to to impact industry's serve content. measurement This the changes Second, or ability landscape. could attribute

opening Finally, on for expenses. want to I before questions, up touch it

the while in We more In term the priorities of long company. strategic working continue grew XX%, the fourth navigate headcount environment to a remote we maintaining year-over-year. quarter, investments

including content, the Thank at similar questions. to investments and advertising to driven to key at look up total partners, we you our fourth its for success, the level by compared non-GAAP that, to QX, engagement, find people we to strategic can advertiser expect all our As And operating we expenses with come and open in quarter our Pinterest to inspiration. the shopping. Pinterest, priorities, teams that it maintain

Operator

first your Heath from Terry Goldman question instructions] [Operator Sachs. from And comes

Heath Terry

that driving participates saw internationally. and incredibly wondering impact I we of us give and where How advertising current How Salesforce? thank much. in roll of lockdowns key this you certainly quarter. very verticals was wide. a Pinterest a much the was advertisers you've that monetize Great, environment was of seen of Pinterest growth sort the or bit able this could those nature transactional in strong sense in? a you was market And given you been the the opportunity XX then incredible by if of Obviously your the the factor e-commerce the about return acceleration think in markets as the we adoption have out to the markets that

Ben Silbermann

Heath. Thanks

on the particularly And in heard there. the question; I'd retail One internationally. I lockdown, the questions vertical start then two was So on was I verticals. around with called out in second the remarks. moments like vertical retail. really coincide We return built of demand than year that around opening season holiday And seasonal longer big in tended had seen shopping a historically. with this to we've a

And a CPG. lag strength small we a large But strength of We strength but advertisers saw across driver. well. vertical, medium other We sized travelled advertisers. really general really was verticals still number in we every the in saw biggest retail it performed laggard, through objectives. saw across the was and that So

a QX longer was anchored by it remarkably the holiday strong but period retail. an on So emphasis with shopping

That's in impacts market. engagement saw into is year this On COVID. international want the we The and user strength would then ad why out and to some lockdown impacts great of markets. say environment trends issues call our impacts the growth that point. a going COVID the What I I

place of -- we where a of year-over-year, COVID great that referenced remarkable a growth and were still lockdowns our remarkable environment. As the putting that grown and see demand back open is uncertainty guide markets team course as we over create And in to which a know persist dynamic, we've were and the what fourth But close, It some also may that mentioned, those playbook. that quarter. on quarter coming through to we year, If impacts in teams navigate had also XXX% and the extent. you post navigate to to as situation reflects performance in fourth scaling was grown able very the a the some we today.

Heath Terry

much. very you Thank Great.

Operator

Eric next And question your Sheridan comes from UBS. with

Eric Sheridan

or Thanks during keep out prepared so you Ben the of made said you investments Can sort sets in much us making as demand it when whether sort realizing remarks of or some the of beyond, of potential following investments, what and you, and us about a need just unlock question. and going years. XXXX progress the the lay how Thanks the Maybe think see his and what lot better taking you XXXX. for help for against side, on XXXX on opportunity to in front so key just you in geographic, you're it's much. coming product of understand align to that

Ben Silbermann

Sure, Eric I'm happy to.

investments start advertising a us start. saying start the we to well roadmap have, we the going a both consumer and on the side, consumer of on Let that's by have of on ahead as as the me where long lot Because, And just side. I'm side.

drive to that can think going long traders directly where less but U.S. a I to are inspiration. this Todd some which term we ecosystems to to the video. relied we've uptick going on U.S., for And long users the and thing that innovate uploads. then, in mentioned as it content really the that significant views in to people the experiences internationally in first But The and seen continue onto reflected, we've get to And expand video made be in publish mature. investment. in beginning upon, continue that mentioned, of important; both we're is the forum That's is And by web platform. we're also a enabling digital investments that

talked We be going engagement, bit we're And so in a investment to of by making little a areas continue that the about finally, product focus. and shopping. then we'll the And driving improving it that's useful. our significant more

And mission and so the we action. halves this our inspiration bridge to is shopping as core of mission, see between our two that

expanding shop we made And significant about like need trends. have went we the we've to shop. to lens, pinners, search let last ability to the things a XXXX or of for for alone, like saw XXx to that. boards, up by the search in it in tools product we continue shop uptick surfaces And so, And progress them number year ability

continue dynamic upload seamlessly On from in storefronts, to invest side, like want or ad collections. pretty the as to But and as can catalog we is simple -- possible. purchase of somebody to experience where merchant formats this at inspiration the all go after a

on of bets the as consumer well. are sort of you all on side. side, So And those follow advertiser voted then the those big the as

base, it support a and really to in making focused mid-market the advertiser to we tools manage scale advertisers, So XXXX, spend. diversified SMBs their of introduced for lot easier on

that's So automation. about why talked we repeatedly

It relevant into great they're we're are of the they're big it's if advertisers. Moving they search, especially the haven't going that to relevant that looking growing one driving we content who to by in It's they're ads. inspiration, XXXX, win. advertisers, And that win on they inspiring helps provide every of buy. because is to what for more do services really like ads, consumers day. but going really focused seeing relevant yet because what areas we're think number exactly can decided We finding consumers a do for

that, there of So areas they invest are to do bunch a will in.

to budgets to at want easier deploy we scale, make use, easier to and results. phone easier tool and the get On Pinterest to your

integrations merchants on control of one them of easily help in it's agency finding ways having is important So continued And agency possible. a number both investment are where board spend, investments especially internationally and as investment then better the as is tool. automation, and a point more finally, agencies the pain examples tools. there this in partners to And lot

comprehensive front, insights. with measurement more our better party we first the accessible, be want On and to

days. expanded we And all understand lift party GMV insights. together. impact first first awareness longer which organic campaigns. just insights, just QX, the for we suite analysis, their invest of of to easier provided measure attribution advertisers reports Pinterest make of party that example, helps provides measure and advertisers introduced sizes We brand studies let continue in which We conversion in for to so paid the it you a impact conversion And and of in

talked for And think are patents of industry invest investment constantly is an last to time. sponsored least, in bit we're as because We've advertisers. little evergreen already going I environment the about not investment important video. measurement also for changing. in And So but us over formats a story

to So ability as enable the that. we to we creator's to grow publish them stories, want monetize

advertisers. I provided hearing a that's us I framework be know investments you'll we're us So kind of those for looking for broad better a That's the up experience overview, kind of guide priorities lot. a about top, make much how can And the but priorities four and in those those hopefully, to for year. help forward pinners subsequent lot an that more of

Eric Sheridan

Thanks so Ben. much,

Ben Silbermann

Thanks, Eric.

Operator

Justin And of next with Post your question America. comes from Bank

Justin Post

Great, thank you. questions. Two

on So growth year. user obviously progress this the big

for this, coming the And try Pinterest maybe then users first to Thank you. cause and maybe party concerns to from? the Anything core half concerns? your accelerate on shopping like see versus there? comment out this was activity, next privacy year? you expanding demographic half Todd, do to of activity million of billion you other a the demographic platforms? Did see you Ben progress, One Does And where with one the a

Ben Silbermann

let off about user Justin, on me Sure growth. start talking

U.S. in user strong growth we and So globally. really the saw

last we XXXX Z. Gen a As active saw real of [h] terms million strength U.S. with we XX segments, had specific users a monthly And reminder, in year. in

And interests have to connecting ways social But well these the faster own a they once So population, as explore more a see feel to platforms users, can that real there's with XX, spaces We are and and interests. they we that explore served friends. positive under where own sign. their they want hobbies. move see with their in desire new their people again, than that overall

of obvious one growth. In and be the to next wave growth, terms area of international continues

that strong really, seen of number are growth there, really relative the patterns While internet underpenetrated, still users are to globally. relatively we we've

increasingly use tools which inspiration, format inspiration as not such of directly the long the will overall to international think ability we're making execute to well default share investments in benefit And people but well, growth, and shift are as directly the that with that story we a video, like as publish after to in when Some is get things the pins. we term. growth XXXX, them,

was other we As some really than ecosystem a people web. where far mature the reminder, U.S. when we're started, to the But enabled Pinterest starting web curate in grow. to countries more the in

people And particular, the we thing want is opportunity. use when ability at use trust that inspiring something it a from represents And over really to of of from It's like video, the scene drivers that inspiration. But phone, I'll product you The publish price on you. as much so useful growth. direct to for a growth think and to your better natively can retailer term, that of is see the as as we you that a in say products. final useful think the makes sense compelling go long things to a shopping don't

roll more think So users. they're better. begin so as well utility features more much that as just we time those experiences shopping will attract over internationally, that features and mature We as consistent out to

Todd Morgenfeld

Ben. Thanks,

rules think control. evolving amount nailed days. get what conversion time, we this ways question to We've issues. you has So been not on the And would we in privacy the period perspective. deliver visibility, I since to about while and less from platforms of people it of that industry the on Apple's here, this so an headwinds But our been keeping the rules And R&D a headwinds privacy around any front, last and I been other starts likely that. and on is summarize coming chip privacy, things and the investing in up in? impact we're we're on, can regulatory from some mature There rates important. as users in over around a of commenting those visibility investing this XXXX converging new at the gap is away enforcement invest in extent address see is in we and signals many this that talking and tougher. roadmap our are than I that for surprise. time the for party And on to fair environment first terms Justin, we we're and will by opt thanks can eye issue saying are guess, then in these have this the that

both an there given directions. trends So to the are opportunity One, we stand in measurement industry, have but headwinds. we continue we to others build to in where out relative have

Justin Post

you. Thank Great.

Operator

next from Baird. with your And comes Sebastian question Colin

Colin Sebastian

privacy, some the as situation on it gather with a curious, QX. Good Justin's more like But Great. direct mean, opportunity. shopping advertising Pinterest from I relatively a in questions orientation then growth context Thanks. to other success that advantages hoping search just you that provide question product sounds afternoon. content days just of of on the And a little from Couple the to the off, in first the early catalogs. perspective. of would ingestion like still it's we given be it relative in seems I in follow-up will and me. fact of some listings advertising rate think advertising the has and inventory, with guess all that a maybe I models. advantaged And response shoppable

should considering? be we Just if Thanks. factors are you other that curious that? agree with Or there

Ben Silbermann

the the the take of can take part maybe second I'll question. Todd question. maybe, first And Colin,

want be have previous is the move we important. while from you a strategy indeed or calls with able And great searching, shopping really back And inventory, shopping stepping that we twofold. they're then metadata. is just to-date they're while their whether shoppable our So product that inventory users from want they're said and into to really side, blends and make On seamlessly inspiration, that's one the sure up as there's experiences. to retailers an great to once we using browsing, in

your was inventory. the So growth in about specifically question shopping more

products. the active XX%. also QX, number of to of we -- QX the really increase catalogs improved Looking going over those from by in we have discoverability And

shopping from resulted scope being or able that video, And to that's the on an invest so it's of to ability side, And up the product do in We're see primarily drive advertising Wayfair really the on something inspiring that we're That's side, Also has rollout. measurement an mode certainly example, to a in we a a roughly experience XXx and shopping, over a while us advertising I shopping to in past buy. say from story really search. QX, query. And because we've of an or into close progress, year. pivot that go gap It's scene, sales. directly in But just And we early inspiring still international the to growing we grown that days Pinterest in. last their in inspiring the that uptick with set growth. still engagement. scaled allowed expanded early faster, to search think we're we lot shopping campaigns even any to in in as days. proportion revenue have of But of we of reach overall easy products of vision made from are one user before incremental excited a terms our do that significant year,

we So over hard going working is but we're kind great that improve to early us. be think days for to it indicators, of are XXXX. those And early experience

Todd Morgenfeld

uncertainty this question in there's general. the the the of platform, I amount saying, by of So around start being advantaged characteristics fair second Colin, because a would search on of about

don't on planning behavior we fair of drives degree intent do want that know. have we overstate So But I signal. a commercial and high platform we know planning to what is behavior. that what about platform our amount And of

on creations, targeting. that visual that that and inform signal like platform things that are queries, creates fair things board a to amount based planning So of based saves, behavior text on like helps

and other platforms, you overstate to I enviable the there relative said, that's we I that base. to improvements important in less targeting we're probably first to wouldn't party that position platform. on ambiguity products front, But for want think position when are user others. but on able cases offsite perspective, based about so the the a us, All our our relative measurements, signal of in. And make And comes is our from some to use continue to where of behavior on think because planning that capture the can an we're intent and

Colin Sebastian

Alright. Thanks, guys.

Operator

from comes with And JPMorgan. your next question Doug Anmuth

Doug Anmuth

you're And for overall the dynamics, I I the to kind growing seeing you're Thanks seeing just to missed little and hoping bit apologize auction contributing degree what volume pricing and there? could of much impression was side it, pricing what advertiser just question. also but you around you. Thank a that density, on the which clarify base taking if the I be with growth. you're and might how

Ben Silbermann

Doug. Thanks,

what growth, is days So growth terms more both balance and in these pricing would we're impression, driving of seeing I say volume.

over So against -- about lot driven pricing. a opposed quarter our if by not all being growth. we've more start fourth time, far revenue course now And gotten to we've or in grow encouraging ad growth seen you the most with we performance. of which increased see effective is the we've as the build exactly inventory efficient XXXX, through in objectives. balance. pricing What will in advertisers important. And And in better the past more becoming this, We've that revenue what to opportunity objectives, continue more part contribute started Against eventually there's has we're been to demand, to or due of the our were is and and part CPMs we most saw of pricing delivering That's more as and as seen revenue platform most that's of to well, share our pricing and of number advertisers, end talked been have. auction utilizing our impressions, -- industry-wide the in and that we seeing. to telling that we've the results on incumbent our pressure, about wallet the across performance

trend. question. but as encouraging by which driven necessarily don't those much to gets by delivery more that not it's So really of a is slots, your per efficient I know if action, cost

Doug Anmuth

follow up just That's that. a helpful. Maybe on

perhaps agencies. which with of you're commentary, to think spending degree in last type increase the that's let's terms as as kind over you the just can able partnerships years? about just there past that you bigger for an on of to the in couple look XXXX, add have, example, talked you we've of year, Anything out about how the say, think contracted I of

Ben Silbermann

And this is we're Yes. And is for are working, into spend, able safety more users the the was flexibility. of and we're feedback value XXXX. insights to year other going Range, a where from advertisers. of in years. of their positive It's for brand intent out an both generally results positive that the wanting fewer are things. are as it But that this good We're about commitments And really One, Hence would in great. the a help probably of both question. the Long relevant That's this hearing COVID deliver but hearing what advertiser that feedback that they're looking a campaigns about hearing from for I large we're contractual advertising, value environment, really campaigns trend talking couple hearing about that ads are better really and kind the say than highlights map less uncertainty raised well advertisers one advertisers as our the trends platform. from they we behavior. in it packaging feedback, we've around between lot getting far it's environment, a perspective. front been to consumer just to commercial the to is of insights. prior in of user creates by more issues

Doug Anmuth

helpful. Okay. you. Thank That's

Operator

Brian next question from Nowak your comes Morgan Stanley. with And

Brian Nowak

my have for Thanks question. taking two. I

focus the sort color in what about the count. comments the I quarter. of to on, look into you sort really to throughout areas need And healthy of growing guys talk to execute of that international as continue that guess, count? to are the that not the products be examples then international yet the currently United can that side, increase think about and on growth investments? States that The rolled monitoring the the technologies it of on could the have that some takes, So in advertiser XXXX, the you course the whether fourth advertisers then just can help year, first the shopping grow curious appreciate to just qualitative internationally you count give grow you people, enrolled we on I you the it's one, the XXXX? us advertiser ad to throughout of us course Shopify whatever advertiser secondly, should And

Ben Silbermann

Brian. Sure,

like easy that to is missed. we the of part I And we've a question buy, can as number to to value. of to lot to we we've and this, place so things can The be chime company about heard great the get but of an an one results. I've start me and it spend much get grow are on Let qualitative is, make need question reason want to place if kind place investments focused that the easy is that first Todd automation your with a that talked Pinterest easy advertisers really things there of

advertisers. And we so in have to on that dedicate are disproportionately automation investing platform. and benefits Pinterest focus to a going to features, They fewer as continue may resources to

So especially haven't your actually that tools. midsize a Related like the fill that those really, of advertising. that out out question can specific really to kind Really things and fully, to related to That's businesses agency area. down those we could features about and rolled of be globally, tail come helpful. what second long helpful middle

versus actually agencies from options So manage point access. to granular only pain full look, accounts number is business one having permission the access

people allow So to in the kind have control. that being And really multiple that's of able access important. to agency

we're Earlier, markets. later other enabling in going in the that hiring bringing new of up new internationally to forward is what's teams of thing opening is geographies. then to And that looking we're year. out we're so, sales And a was few next markets historically think them ongoing, years. of the to think base. growth Justin in there about user question, really and we about sight we of our growing I think, line about, from how monetizing we see And where talking simply be doing that the And

continuing plan. that on so And we're

business So begin the the and grow we this year, to up teams And markets. more long end mature, as markets. markets to anything in opening add should advertising plan to markets that users open Todd, be in then good And we which are for overall. then building seeding those there. continue business those up term we in trends we

Todd Morgenfeld

of international more U.S. and doing we of business think that internationally, we're that parallel, it. which investing in I smaller covers I sequence. in was in that medium But relative think most I we're advertisers markets little the cheer in the would to a done in what relative what the is only more did add, we've thing that differently to U.S.,

more return the quicker. internationally product of too. on So tools engagement advertising be will haven't users about the out important. here a will lot time think about be marketing, the We U.S. SMEs in side rolled but about more market. And of was what apply some product, on is outside and then will call, talked over directly on today's to of things features shopping the the benefit the agency Ben comprehension one drive past to more ambition we of talked its we about to that'll talked the which building beta, And comprehensively talked our

deeper that deferred next markets, tier this we key but Our that APAC. do then be that spend not set help out Latin only up international the last we'll will U.S., is anticipating And value rolled year were to markets in the of year. in And expectation in the markets marketing potentially America.

those had. Ben I think I other points couple a call it nailed that that are So of

Brian Nowak

Great. Thanks, guys.

Operator

your Bank. Lloyd Deutsche Walmsley question from next And with comes

Lloyd Walmsley

Thanks. Two questions.

kind advertising of Justin's that earlier, can the advertiser you could question with guys as you other bidding you've spend, this of the Seems attribution shopping activity following talk on back kind some up advertisers just like existing same both And about similar in just budget First, of tools, on it bringing landscape. the we're build automated directly changing more players then increases? do like to how think space? can Pinterest, are privacy made you one, ad improvements ways what up into have how about seeing impacted from second same adoption spend, help and in seeing the scale in

all it investment you So great? more anything share, wondering move if to really you platform, about would thought on that making could be

Todd Morgenfeld

on your second Ben, And know, question can don't I ad to tools. like start one. hit with the I you'd

biggest there was of more of were driver Greenfield all, new we guess internationally being quarter, a that taking back, starting but existing come than advertisers growth see I to we from prominently First Lloyd, in we step a balance The our driven saw accounts by where was board. growth on this -- advertisers expansion both.

up we to those part that don't thing revenue contribution I to well. anything finding CPAs, we of budget want we're that The sure, of for and are rates you seen shopping more Ben, because growth on existing natural taking add opening and effectively. So fact control of additional a generating and as out know, new suggests more that that places for better, was accounts, efficient perform if comment? when efficient clear ads, the But clearing those markets. it's overall are accounts we're manual them existing better, you more budgets making see on campaigns, seeing we've growth to from the budget to expect beginning the existing that that described, some new through but by

Ben Silbermann

the I the when of to Lloyd. is, think Yes, planning marketplace. mean, the easily I recognize out, inventory the is thinking if we not Pinterest to checkout I about behind to out. being question question holding able thinking And maybe things you’re a am do like friction that building introduced check is certainly that a by answer made

have partnerships we a of and through front. us and Pinterest that switch of that and about excited sense but makes that around really products of I work inspiring yet easy before. buy, still to to mentioned matching sort things buy or ahead you're season are for of and the by to of have really where to scene We a you're a easy it is on returns such that ready making win trustworthy Shopify, big catalogs increasing pinners that of ready in the with inventory or lot don't any between number when inspiring, solve candidly it's seeing the find a that that line from inventory walk you retail couple But outfit, about excited lot you. feels making when it to intelligently there. are and over we one If you and sure the price switch, to that that One increasing announce make to as that there's that

nothing definitely today. let the we'll when yet ready to spirit the on of So announce right I'm question. And something community focused more but those priorities hear now. know the two we're

Lloyd Walmsley

Okay. Thanks, helpful. Very guys.

Operator

And Greenfield your next question comes with from Partners. Richard LightShed

Richard Greenfield

taking question. the Hi. for Thanks

-- would talking investors coding I guess out started seeing basically call about maybe a platform in be comes Ben make Snapchat And you how a or like, and out a TikTok. to What should have We given seen just creators we sort the creators. And makes talk could for interested creators. was of really every there, we're How understand Pinterest? why roadmap the perspective? an about great. Instagram, money Pinterest or Pinterest Ben creator’s versus someone from creator those That for on helping unique

Todd Morgenfeld

what's difference it Yes. what the to come between It's mean, heart a these a great of comes And the for down do. I think question. the creator? to is, people it in to, platforms question actually that, what's I

and are social users creators express the are really there themselves are that aligned do. other are platforms, lots there on to to to properties, with professional platforms networks like LinkedIn. find media So of what attracted creators And ways

users inspiration to on do they're that in there So get is to there life. to Pinterest are things our do go their

a starting on to than to how doing known day. what more we're who to the be spotlight ability to bring they're shining teach day so, on want creators And do just to something for

a on as towards a pins, place or more the great workout, for actionable that in than on recipe for And is story somebody future. result if that that Pinterest as category. to tipped Pinterest, disappear. you're So be today, its as content, example, the do of is great they cook both the to could that, And pure don't more educational it teaching how Because how entertainment that good content. content, first

the from get few you so And things. creators a perspective,

inspiration is world one people excited XXX to the real go million getting really about life. that around do So are something in

make to is, best centric which can like their second video over we find rewarded, absolutely be where to there's tend time. a environment And doing often to more place is much future, an that where creators centric then the time, creators you're be a The strong search in place then do in more more ephemeral. to similar this social YouTube, things sure and do ways can maybe what's want full dynamic,

learn range example a story with there great took our launched could food QX. GR Show experimenting they Pinterest show. created [ph] of so do. story to is to to at And creator. Peter is creator at we're a sponsored their like fashion share drinks home how different the Som, ran with But one things. one of a we campaign a So gym sponsored they Tinker in aligned creators, are make things We pin; a revenue GR who our first they with where that looking of models up cocktail example are what brands, a is and of Ray, and paired

how be things aligned. those an that's of two so And can example really

what do and there monetization advertisers Our to well. do, in incentives to what same opportunities between can creators belief new that pinners is the are there as offer are alignment between advertisers and

the days. we're as So still call, mentioned early in I of at top the

excited that we But environment about reading we're offer. the seeing. right, is we time. we're a You're And all to this that it noisy out People about a lot have progress the there. are think do

Richard Greenfield

you a with because ton you of a for think work like, can figuring Ben, have you data step a to given doing. up platform, on begin obvious do on for obviously, as match and How people marketplace them Pinterest? are next what real a that's challenge you to form marketplace brands creators, out brands create with I think who can pair of where some And do you

Ben Silbermann

And that release. problem, gained is I think kind understand lot challenge. can of of what a you in for if predict about, it's that's to we're provide positive, value there. between be creators, matching pinners, beneficial that probably there's relationship to exactly and us what mutually of a spoke which definitely we going to a terms too But early advertisers and

Richard Greenfield

Thanks for question. the taking

Operator

with next Sandler comes Barclays. question from And your Ross

Ross Sandler

XXXX on just as macro stable XQ. you heading question, stepped both you Facebook and Hey, in the know accelerating and a for and guys into into to I kind pointed guys, to Google get And the Todd March April. of down have growth XQ

in January, XXs in April of far sounds the So or in terms what not uptick. thus it an terms context March of anything like and the low you're seeing of we're in factoring in

on great. any DR and of contrast, can versus Just then be you. seeing Thank you're That'd maybe you the side brand business?. what color now the right provide

Todd Morgenfeld

the DR, Thanks a couple just This macro. notes making Ross. of and brand in I'm

advertiser that are into their a QX One the market. the working, of the that deliver. building walked of from have and their is back, But about in we're there journey an made progress But strategy a early persistent. signing we've content bring in technology step if the is are three think us perspective. book mid of the what goals out the rest the the having you Ben budget, having QX. goal something lot And themes that we're take heading is resonating, we to and So coming is automate their through and momentum a especially I

and base performance. in value moments is will our the third deliver help safety. of while that to advertisers us our theme increasingly selling. persist also user the helps insights the It and will and That those commercial of seasonal package big campaigns. and relevant second advertising insights is Because brand ability persist. led The early better advanced of And more design intent

election in So, safety trend a the amount saw important will being to But season. secular this fair general, we around persist. brand during that the advertisers

one, unusually back of back So out I'm tougher in the has bit What's through and the and little that we value retail insights lot segment then in first compare, benefit quarter fourth quarter half last things, an a to the those holiday of about as year shopping the from In again. a period, really delivered about And pronounced expect half quarter season. three get the the longer we But based lot longer will a seasonal second QX, moments that more things exposure, much of different we year. in into with have sell two that on selling persist. platform for to the which easier of excited strongly coming moments. are had that really seasonal we become strong retail we and fewer just of that

there. much So and all particular saw than to of the are usual think we But moments probably those I us. themes was macro segment the shopping longer retail number strength the seasonal in related period

It and across all STPM objectives. everything shopping map quarter. way way saw well. We shopping objectives in we fourth exceptionally I all On say would the action, brand objective To is funnel, to a versus inspiration is awareness that performance majority full a awareness platform we where we user strength board through checkout take the awareness the can a strength stand. the performed performance objectives the objectives or saw to and side, from was for continue be from we what through

But oriented. big in see predominantly any still didn't are performance We we shifts span.

In was strong fact, board across across verticals. just all it the and

Ben Silbermann

we Hey, operator, for there? think time you one I are question. still have more

Operator

next comes your question And with Shmulik from Bernstein. Mark

Mark Shmulik

wrench the of of taking question. use the but it Yes. think for Thanks users. the goals I XXXX understand on the driving everything, If cases for Hi. back one pandemic in we was as incremental big through

you use user use other kind funnel. we of And how kind folks platform? around those Pinterest was? across It of successful the there was below, bringing could anything about share you. cases guess look I anything so, the certainly and sounds lot that like success active But of the numbers, if Thank incremental monthly a reasons to

Ben Silbermann

great Yes. Mark. question, That's a

some also fact use So, see the case changed pretty we a did in benefited XXXX. of lot people's dramatically lives diversification. success we Look, were by that with

these when great home. from a working more core that time were suddenly been cases for of so people lot And Pinterest use at has much at that relevant became a they

You as parents that started People of and cooking a we benefits became at home well. saw more teachers. lot from so know,

guides, the overall, inspiring be this the inspiration search work the more of some the future. framed we because improving to most we of relevance. see that term just that the that continue like the sort that people long overall of a the and in and providing format inspiring Those in value use show format reason investments. will past, that done content making is about sure we things year, we've as the But and results lot get evergreen case diversifying including for Now

uploads. video three terms inspiring I formats. of second mentioned around theme were already talked shoppable. office the And And we've there that home length year things And everything and to we so, is tremendously be how buying then number us covered that set that And story of video. at that, about is views going grew things pivot that in both we've of making to to be this And looking want all in pins. the we from able at it. in think last the people is is the more investment the which newest third, to One

a way I drive be in to that's formats success use in on didn't providing XXXX, growth case long of But looking So, going saying see as the a a inspirational to XXXX. way ahead that a speaking know native little long we're term more about content engagement to more We of expansion. bit platform.

Mark Shmulik

Great. Thank you.

Operator

turn Silbermann the Thank for Ben now remarks. for to closing I'll the question. over conference you

Ben Silbermann

Well, and questions. look, joining thank I call for just thoughtful to everyone for the the want

also rest in your hope wanted healthy that and day. say we always, just going. dialogue to look I As Enjoy to safe months the of And keeping everyone the stays forward I ahead.

Operator

This call. concludes conference today's

You disconnect. may now

Pinterest (PINS) 5 Feb 212020 Q4 Earnings call transcript