PINS - Earnings call transcript Q2 2021

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Pinterest Second Quarter Earnings Conference Call. [Operator Instructions]. It is now my pleasure to turn the call over to Ms. Jane Penner, Head of Investor Relations for Pinterest. Ms. yours. is floor the Penner,

Jane Penner

for Good afternoon, Pinterest's June us. to Investor for XXXX. thank call for you Relations of earnings Head ended Jane joining the I'm Welcome Penner, and Pinterest. second XX, quarter

Joining and President Morgenfeld, CEO; Pinterest's Ben and Business of on Operations. me Financial and Officer the today Chief are Silbermann, call our Head Todd

Now I'll cover the safe harbor.

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

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

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

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

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

Benjamin Silbermann

follow latest going Thank we open you, will today, Jane. some and talk with shareholder for to the I'm for few Hi, letter. for a and released up today. you Earlier then everyone. Todd up Thank additional call questions. minutes, then our joining we'll insight,

stay-at-home plan U.S. eased clear want same time, million. new the people We It's for faster than increasingly in around and revenue in the their connecting $XXX it and recognize reach with offer each a advertisers And make the increased customers more tools signal to investments to we to engagement turn. are advertisers to year-over-year automation continue seen, in for Pinterest. with the in discuss the on we more shopping, that decrease And I them we Starting revenue. XXX% at investing planning and you've grew saw globe As to we in world. across saw and easier here a orders Revenue as scale our lives. value working. expected.

user head the about users questions this, globally we growth year-over-year. I'm of front, I'd few on. On sure thought take grew I X% are obvious monthly ones a so the And there active

past The the we've global user such year, happened unique all is first significantly unprecedented we for lives And talked increased inspiration we about stay-at-home how reinvent As to and time. difficult a event. for with earnings behavior? In what people came past question to their of Pinterest was the calls, an during know, pandemic how Pinterest. usage highlighted orders

as monthly be, users Now than similar internationally less between some mobile and active the up, the opposite cases in in to apps versus directly users the and engagement. the closely what monitor are our opens platform came core web year-over-year by These on from We're direction. In effect the mobile we the grew U.S. we're That our reported contrast, and who engaged to continuing particularly impacted we more because of seeing came Pinner XX%. tended Pinterest on users world our less revenue see did common use shift to than growth, who are they people generated we impacted guided people what what to apps. ago. average, from on brings Pinterest. QX, me of less this in XXXX second the impact the most? QX difference in to the in Which most engagements. That behavior a Well, than were year question, in

quarter. current we've will learned through into Todd you later, what about more few talk So our a weeks

a We're the we doing at by videos. fundamental a building Difficulty] of rich the of this going volatility in we of beginning the for Pinterest interactive number from ways. form expertise term. While [Technical a caused is transition, focused COVID, the remain navigate place long on lifestyle current in

ideas publishing First, first Idea tool, Pins enabling our creators are value. to lasting with share

This grown Second, creations, the remains We offer since foster beyond Pins More creators to purchase from transition, positive has and environment. creator to up and came new and those this still ideas. year, product audience, vacation more with are make on and all a well later adding for tagging, inspiration share audience make tips. We early help this digits let of till Pins tools double to opening on we'll third, and Pinners creators share in product Pins routines and out And as than of created and our get early but for resonating likes go code Pinners continue Idea many it to encouragement that and work to which is beginning are sevenfold build possible from plan to supportive another The worlds and more, activities, help on their sure the initiative capabilities. workout publishing go We're number comments, to answer with this results ideas, create ask Z. year. reward as our creators week more way fastest-growing Pinterest daily when And features be to everything ideas people and we'll Idea we like outfit grew execute their this to community. more strategy questions school year-over-year. are Pinterest launches new positive. Gen Idea intend the

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it over Now to I'd to like for his thoughts. Todd turn

Todd Morgenfeld

I'll we Ben. outlook QX on further preliminary QX. for share Thanks, the saw in and provide a trends some details

during unwinding of an seeing core and were As in engagement stuck some of to this expected. of in But our now we some that is time QX than on fewer shareholder period in of believe more the came all noted spend time happened. think home users remarks Pinterest benefits detail unprecedented we active we when letter, we're on Ben's what our monthly letter we to of use why summary, nearly that the got at people the had cases.

applications, our We the factors, and while Google's recent our impact the to that active revenue and search that both use marketing increase including our engagement other These mobile and our grew most total in also continue significant year-over-year, those users, monitor changes impressions to to in users competition both improve globally. algorithm encouraged contributed a continuing U.S. total ramp QX. up monthly product efforts engaged over majority and of time. of We're

the investments working realize we've we value from have unique well. been engagement Additionally, existing making more is to efficiently the

engagement. shopping people helping who merchants and services We and than products love shop a they appears connected point to love discovered to the resilient price at services. engagement on be get and for Pinners we Specifically, in overall will helping investing plan products in they their have to continue more want

the While monetize are sales that we're engagement, the we advertisers shopping sales delivering still our we have platform. journey seeking right in and model, early who to we're fully on the believe to coverage conversions

U.S. the beyond our volatility, in from the COVID-XX-driven Looking on what grow our long-term the unchanged opportunity view globally, before it pandemic. was and to is base, the both user

Turning margins by XX%. remarkable X revenue to main drivers. was propelled our growth growth with accelerated to adjusted financial performance. EBITDA This Year-over-year of XXX%,

advertisers, Other First, who platform we large to in in resumed travel pandemic force out also going to beauty restrictions like and returned activity especially consumers saw subverticals the momentum returned leaves. QX. from strength social when as retailers,

base, and both revenue. trends XX% Second, year-over-year. of grew the our year-over-year business of and international our XXX% advertiser active well, diversification Both which really performed QX contributing and in sequentially total growth these of show again growing

Turning to The July. we for have continued engagement in in QX. our headwinds QX preliminary outlook observed

global As could The of lack not restrictions providing have users, out key evolution users given X% guidance monthly we're into of and declined monthly on play QX active our unknown, Tuesday, of have and pandemic remain U.S. certain approximately year-over-year. active X% approximately which quarters. for and active few COVID-XX engagement, grown users visibility of a continue monthly XXXX drivers to

a high-value XXs believe the election and from CPG was the lifestyle ecosystem [Technical creators, To to revenue grow impacts this Ben significant Difficulty] initial the things: revenue web to from benefited we best which view place that XXXX account safe revenue of the during in believe Please in low through for talked inventory, a reengaged ad transition have media where being of to engagement go a behavior year-over-year. positive big Pins making that be strategy advertisers side, opportunity static in during our large discover us. we at a that we're There QX as expect change year course to immersive and QX. big note platform a distribution for have spend the Idea some we'll percentage in the where expense advertising first, images the and cycle. that We the the quarter and That's important the new a a native few to from that accretive being into of engagement. the invest, guide basis term, means people on and amidst giving revenue. rebound takes boycott the after total COVID, social will place shock long to people the about a content. the retail we monetize we On build

the grow may more advertiser prices our density Finally, some increases impact auction with of and ads strategy advertisers consistent deliver the increased. over whose per These time, has increase to that increase we're the but action increasing price-sensitive base, are efficiently carefully platform. on for monitoring cost churn our

up it touch want also opening questions, for Before expenses. to I on

our invest expenses acceleration. We Non-GAAP our year-over-year, campaign. the content, brand count by We in accordance the in of Pinner year-over-year, the sequential marketing of in with quarter advertiser XX% increased and part continue priorities our third head to operating experience, shopping. driven strategic inspiring our growth XX% key of success business grew

inspiration. our of Thank for with advertising Pinterest, questions. find to marketing to initiatives our expenses QX. continue operating open early strategic campaign creators sequential at drivers you and in investments QX all and to resume that to come up And that, our we partners, it again non-GAAP as people and ramp long-term growth modestly teams Pinterest to grow our can in expect our in We we the brand

Operator

[Operator Instructions].

comes question Ross first the of from Your line Barclays. from Sandler

Ross Sandler

of XQ low obviously there. given some is things? MAUs conservatism home now Todd. it One for Todd, or for numbers and around sense, in are there where those dropping little kind there's cases this XXs, solely had I guess, the which a reopening. is the is these -- of down the we behavior Ben, haven't versus then, use the And of letter something -- just we at-home I you kind of kind much are other one categories off, drop-off we than Or think, is mentioned just, probably the of before, bit The outstanding. maybe these some And can about But where thought on? break more on cases lower the Ben, how in you and is makes or use areas? relegated going into are systemic since talked in just

describing So do a and thus ads about you're retail far at in Or XQ basis? CPG on the with XX% on what is in stack this color around this your swapping that XQ And level should pins? you talking you're what the for from large you're the more think X-year the creator seeing clients? out that go-forward any hold

Benjamin Silbermann

changes a has have as Ross. home for year, was last things of your those we're there few shifted. things kid are question. Todd as cases is start that especially pandemic first the outlined, relevant I one, two, at user cooking seeing. the can home, home, educating a more a are your color eased. lot home, redecorating with that Thanks on were One, your And overall at And little bit lessened. in the like meals which time Sure, changing the use that behavior at

exactly the over Now describe current or current we're things uptick normalize will the signs. seeing We're user you it's time. be how an say the our in I Gen like looking more any early to if color environment but at like those not back-to-school, early promising behavior Todd, we're wouldn't we fashion. I'm engage and continue to social seeing And to if areas same, demographic. add there. I in continue starts your see know fastest-growing sure strength as that Z, mentioned, to to want which question. answer don't some

Todd Morgenfeld

don't that's prepared No, your and remarks, to second great, the in my double-click about think talk I question, Ben. which of it part I I but bit. on bit Ross, a a pause little I'll why tried take little

informing content creator a of X Pins. are I really numbers, quantification that think you when down XXs the distribution guide. that pin low Idea in impact influencing ecosystem head reasons kind are to and the particularly it's difficult There that are factors perspective, of From guide. of but X interested things X -- in were our and were that exact my

to some our those of Idea things and this inventory content of investments slot get experiences, to have issue format. we first that, challenge around to Pins. this in consuming until And enough we a The get pivoting is out cold grid ad There are Idea people will highest marketplace are from we relevance format some content around the our value streaming a start don't distribute a effect. content up with building ecosystem running. bit require Pin That creator marketplace, because is yet, the and

that it So distribute some get be to couple to went of monetizing. advertiser we these But our and diversifying auction most base, which right on can before company we've less. some are some already and price-sensitive more out we're the product to that in where put they the an action value will term, investment QX nature we're us, shopping investing QX. on organic short-form last value talked contentious remind social gas monetize video went that, that able us similar last on media monetizable mentioned, evidence have to demographic our -- pretty engagement for the scaling fit, up advertisers boycotts foot on commercial platform during in safety I social cycle and might And made exercise and content enormous delivering at high accretive engagement the driving that and growth user we'll I first we're an XXXX, find this folks success. this those I for amongst the out looking view benefits makes bring, cost Idea [Technical a we call, market with that environment the it But over in CPG that and through year election to be the a fit may with those that about years intent video rebound of efforts. the in a cause of they through continuing rotation longer advertising in that potential comp the pricing during more an retail supply is some a tough investment format. engagement experience content experience course belief in success from to being the those our we around with pressure, value that are with detail confident use may to media And Idea strategy the find we'll in call I'm running of of things then big and Difficulty] that we not our see value in per marketplace product know seen the our escalating the and automation as believe long-term And self-explanatory drive with the the brand similarly: that the We platform, we're that squeeze in tremendous we Pins. that year. impact and user the market Pins of through we success creator given advertisers, the last and that follow time our But to past on over in characteristics for of the the advertisers. similar returning narrative. we is

mind guide those sense? the are And we that that quarter. XXs things low my for to the make are on as Does so the

Operator

the Your Nowak Morgan comes Stanley. question of from line Brian from next

Brian Nowak

I have two.

there'll app talked percentage users web understand new then questions more First native on those just a are initiatives just us dynamics app the us the us Maybe of be we are APAC U.S. or and Just give growth one, Can past, sort magnitude tell you're about a users. little clarity. you yes, the of like of And three I the about, talking secondly, you that users of your global sort checkout. just better users. lot you talk think Lat to of understand I of of Maybe where what to user about versus in base? the can part Am, about some areas. so

Todd Morgenfeld

Yes.

question, total a contribute So deliver of users on the base therefore, Brian, revenue. majority our they app significant impressions, a of frequency higher user they're and our significant mobile majority our

there But and globally mobile users those are about globally, of users, look this. is users that way large it you XX% it of dimensionalizes about to users. a app our are to of mobile think lot cut If some are extent. And ways majority a so we one

that the right? time. do on they revenue, big us to mobile impressions they're delivery They're important over consumers in Now of not acquisition, come app growth but are near-term upper because web not these funnel inform of users or heavy potential user

those So remember of years the quarter the I us, in, near-term XXXX, can question? please the it but important saw was we revenue repeat last it's continue right may couple a quarter. just similar and to company. grow Can had they're I your think second second And of ago engagement growth, through to performance user you that some to as apologies. issues, -- impacted a factors that of important dynamic not revenue our external we Folks

Brian Nowak

Yes. good. all It's

some sort about side incremental initiatives incremental looking on growth the APAC then checkout, Latin app you in talked any for and Just of or the the on timing America side of on new update native expansion like website monetization the of past side.

Todd Morgenfeld

Yes.

on the found planning one our in point for So they what big were or that our some side, this way How even filled a we're users what friction-free over year to it checkout track said native begin friction for that quarter users. at of these enabled is do later our this we which sounds making last buy testing to time, Pinterest, I less that for to on Pinterest? easier think that of people we've on buy I from are that request do And of but some result on as year. tests we

in We've in we but are investments yet. down We early still and in base that encouraged the of Mexico. in early, to for great could road Our Latin continue We're team over early. The growing scale have by launched up investing months really it's that's it's couple will I'm and while markets place. great It's Brazil year user relationships. base a the And there America Asia scaling but over a open building are some very our ago the lastly, we're And we then on not we Pacific in time, that time. working, user incredibly map market and still nicely. think got this opportunity, just returns early. that in

Operator

Rich from Greenfield comes question Partners. from next LightShed Your

Richard Greenfield

believe subs just just just from those think sequentially. -- everyone the I first, effectively just down an sequentially. actually on When far just high X% guess, DAU DAUs make basis, up that on U.S. points be the saying would U.S. housekeeping because sure flat in page. you're makes level, a And is I quarter, there's to of so international I maybe is a same couple

to best of are was sort give I that if in Ben bit also of Is the at of give give all question, interacting mean? the detail Pin to sort could of of adoption way terms what or are focus a main Like And interpretation comment sort think whichever on. percentage wanted sense If measurement make point? of is reading this Just Idea sure Pinterest a look Could product it or a the could you just when be seeing? globally on actually finer advertisers Idea and to what you properly couple of what with actually of many what is. of attracting in into based such the of any what -- we're MAUs what just of team wondering little of just your seems working the even sort a making us globally, your you where -- advertisers the letter interacting Pins solutions? think that's difference? are way at to by is, examples being concrete there are measurement about U.S. us that's you actually then a the driven Like you about solutions, how

Todd Morgenfeld

on and -- Why third, numbers. I Sure. Tuesday, basis, we're don't are DAUs. preliminary down X% Ben may those take and than take I think And about first we the are Difficulty] [Technical year-over-year rather as users you the second. a through mentioned,

I some the direction trying to some just of to think end get trends. show quarter the updated post we're

Richard Greenfield

sequentially? But notably they're not flat

Todd Morgenfeld

Yes, to if it hold. were

right. people other implies didn't these these is call to restrictions that correct. on into I something because we pandemic -- If I the enough at yes, which believe math how pandemic-related to it that I want to this is But I What don't would that's want have so it or stay caution to hold quarter. folks were visibility through current levels, think lead any have using home may where geographies against for data done we see been user look behavior to commentary users. very mobility color at as this, correlate based series it's third-party analysis. look usage we we've on time we just on historical We've pretty time in what analysis difficult to changes at play detailed -- because spent at at discern. looked seasonality, and We in out easing

makes our where July, of just recently been little because has now, is we in was where a given give the are the historically, if best And off it experience update right so that on our volatility sense. forecasting judgment in to

So I yes, make would people at guiding of sense? there's to QX the math a correct, yes, this around is end caution the pandemic. words to but uncertainty not we're lot this say, that your Does point, given that results

Richard Greenfield

does. It

Todd Morgenfeld

And to the the platform hear advertisers Pinterest, brings. shopping. into they made and -- those advertiser the don't intent They're a but from -- brand for we love you're that they ideas value is on looking the Okay. because know our this activity then they the lot, love part looking bring on the considering ideas your user effectively life. they're of that purchasing unbranded looking yet we've And brings them. of eventually commercial what They and a to base side, lot being ideas, people the come. for safety and inspiration platform of want, They're early new when the

we before of click moments. out can our with consumer being moments insights and time. unfolds seasonal years And demonstrated see last where to value front, tied That So seasonal behavior to been last for on over the and earlier has the in of of a against couple value speaks this the help industry it we've conditioned our advertisers of campaigns long touch. the delivery those analysis design an

looks you're diversifying we've shopping of windows over that the tool. organic quarters, that to consumer lot lift touch innovations the Internet insights, delivered delivered all better our value conversion analysis, demonstrate conversion designed a the Tools like when promoted GMV These work prove and sales our which at spend are Pinterest be is behavior to longer earlier couple you of So conversion then where for touch. want that and last marketing your our to and advertising. is earlier Pinterest and years attribution of by several

But are in increasingly we Does inspiration those on so And value of behavior the can from platform, make consider marketing delivered. value their that the and demonstrating our our factor part help the this that program that is our spend. demonstrating sense? uniquely go-to-market we've of of of value touch glean in that a that is insights things the as those that earlier are the willing consumer to for show general and

Richard Greenfield

does. It

Todd Morgenfeld

I then know, you Idea had on question. Pins thoughts Okay. the don't if And Ben,

Benjamin Silbermann

Rich. Sure,

going these a your Pins? to we've worth Idea mentioned, is like just aligned new creators kind visit but useful Pins seeing probably enable next think think why Where was content brand items the ideas. And to users' which value user of has in for purpose, a as moment it inspiring question are Pinterest people a people that transition. behavior. And only unique looking that's they journey? encourage try creating I they as a last ideas video, which Idea produce is original told video And enormous are like people and it's through, value on Todd for are our step content that's with significantly. the So few for why I taking and big many it's businesses, that people to Today, you web, something But the we're new. of describing we're increasing about based how to importance save logical enormous much for content, of we grown the over because years, not enable pinning

because is we're going because living. our make we that an to And lot action. to and creators. get early which specializes it's type are there's things and think Pinterest long-form there's can there video, entertainment much that of video inspiring in, in durable the of following of and empower side, a on the ideas community Pinner there flip idea enormous used tools, audience engage while to we're going not isn't opportunity value reason to We ideas as drive that the eventually in have ideas, that a ways ton short-form so the say a to only there's subscribing publishing creators And with ultimately, and

And we're the results early promising. are So about really really that. excited

a So in ability markets those launched that Idea account. with Pin, business in to them is QX, publish the XX we to

Pinterest. not to yet have everybody We released on it

with you Idea January. the have seeing don't And impressions daily account, yet Pins, created Idea daily. Xx. since more adoption create user on really already, a side, So will you than grown we're can't that if XXx business good more than It's but coming. Pin's growing But be

So going for shift big to a company. this the be is

following into mentioned, think Pinterest we bolster helping our giving it, them traders we're one these can leaning in also change initiatives you're As seen. of they only around investing. that community. you're the But the a helping think Todd can people Investing imagery letting but other it not term, over we action take long things where a them from really purchase build to experience And that inspiration, people. where browsing they've by all passive

Richard Greenfield

in think Are you there this about milestones you that as transition people this should on be rollout? judging

Benjamin Silbermann

mean often. And to and that's I the the focused the think lot phase, And encounter step, a it on more then going And to that helping creators going more from we're first people these we're make Idea so And to first available. I broadly community. Rich, is we're and it phase. that's build build going make Sure. a we're first much there. really creators really out Pins

that's internally. how So we're approaching it

Operator

question line next Your Shmulik comes from from Bernstein. of Mark the

Mark Shmulik

of point. I on the to of A the seems on creator on, creator may. like every couple, platform follow focused It kind just Ben, if kind is economy.

creators? the them you been And creators shopping these on bit this product new whether color if more be? looks color like? you more who are? more around then share bit you that searches you can I Are attracting resilient. do behavior But a is details might can empowering that And of shopping think top it's to the more? for it's the and can tab at on mentioned share more it little there's Or about on or what types call what it the any of like they to platform? wondering a already so Todd, provide And

Benjamin Silbermann

this And question with and been form. our short do I as people place has to Pinterest mean aren't like of also starts creators what's inspiration, on we're unique are. lifestyle Mark, to I team. something. who always mission with that there just think our start, it get I'll provides where place They're things there their in platform. a Sure. the a focused

serving their pure needs focused on but that so are platform directly. the lot creators that aren't a also And more on creators there means that as where platforms of exist there are other are entertainment

that who's is on the beta. uses seen that products few a use XX,XXX, expressed to And he's reach deeper succeed are Make allowing success, kind that's breakfasts, with on then And our but Pins Pinners behind a the does lot these on harder that to it, at Pinterest core he audience cleanup churn. and just as name average Shane. Idea share community fashion a his for a really are is so photographer he early connect him And to of to a of young we feedback only example scenes he ideas. fashion monthly put engaging million him him of we've work an a creator that months. People photographer, things nature. is And more looking glow He's tips take been a kind how cases of of in that interesting is as views in because other what point engine-like to Part breathtaking. says a His much received, cultivated he is shoots intent. in to its for actively level are is really to kind of platforms. describes outs, or And creative what the search early call one audience entrepreneurial his of up. way. X Internally,

audience after or inspiring more about cultivating that's the another. person browsing, excited intentful he's more entertaining versus so And

on eager community on them living and that's from publishing of the their and focused think of eventually are there character. are the the there we're give lot We're So that that. kind a We them make outside tools haven't to think to inspire it. best had a that platform on and bring the the lot We are tools. platform, a

Todd Morgenfeld

the Number go shopping things. couple I'll we've into question, experience. to invest So the a on one, of continued product in

so Canada, of pins in Those early we increase. has to likely and shopping easy better through buy all more Pinners And delivered X Germany. to in versus France shopping to place We XX% and service that these pins. product out tests notifications say, inventory rolled more is price more of talked drops show product shown catalog terms to enable in Xx about. Australia, are our that's our launched sequentially for And list for way inventory they've ability We've through to a deliver experience creating uploads shopping products where product save continued are shopping We've which QX. features a that on, QX in Pinners when saved.

also -- it most year. that the But the thing year-over-year way questions? about down earlier, this shopping the talking test that than shoppers As on more of Does answer plan and points. in U.S. the our performant we direct users. to launching about we pointed overall we're weekly talked of was few to They're we're your testing a transaction to had, later like, platform behavior flat was experience about versus in a that active monthly our terms

Mark Shmulik

Yes.

Operator

from Evercore comes question ISI. next from Mahaney Mark Your

Mark Mahaney

on comp And step -- you who some and probably just talk just with stayed came But large impact were users is One that bigger trends the What there? MAUs, that The engaged we quarter I have cohort the permanently and COVID, you what X%, is -- kind a if like to for think the there with a both whatever this about do clearly picture. about there get talk ones you that one's mobile back on through year-over-year, any the for questions. your secondly, created MAUs? and but X% update mobile, you of U.S.? could the wins, probably to MAUs but you. then also in sustainable gave really I.e. nitty-gritty one declining do that wins, date, Two of think and is rising, had U.S. look globally hard that bit on had and that. those nitty-gritty, issue or you, you little comment quarter,

So the about just from you COVID the saw of cohort. talk that what kind

about engagement prior think maybe trends or I greater. had a those you this the in ago, time, year you similar even at talked what to relatively seen were

think from are So users What just in. those sustainable? do came about saw you you that those trends that all talk

Todd Morgenfeld

modestly I'll roughly some little on Ben Tuesday bit globally. XX% app seen. saw last a don't we've start one, through comment about and with was the I'll the quarter were have the year-over-year positive grew Mark, update we an let but and So U.S. I mobile in first MAUs, that they what of the on behavior user

them so through gives them some call. didn't And and that I you to share but update have don't on sense, this Tuesday

Benjamin Silbermann

question have was about what during what's Mark, we joined the COVID, folks what's second different. that observed the same and

these to So coming overall are are important. are they going that care from the to continue the things And the same fashion, care lower. to that is year, we to this last to food, those Those while We things. year really about. that continue and continue beauty, health, verticals, usage core durable people lifestyle be things see think they're are about

including experiences to so all is we terms continue shoppable, Pinterest. continue noticed of experiences, those we that making thing sure One see really in have to great. be to on And make invest grow to progress, Z those that we more Gen continue interesting

future So [Technical incredibly grow Difficulty] one to a to the an it's trend. future. cater demographic excited really obviously we're that the U.S. And a attributes will early fashion. But valuable in because monthly women's cohort really it's into exciting that it's

Operator

of Your Post next Lynch. question comes from from America Merrill Bank Justin

Justin Post

are have feel you go position How back you I Maybe you're the where the thinking catalog, million for puts the you really thinking new at you And XXX the for think When about site? advertising you demographics growth on of Ben. better And quarter really on the a million that ago, in getting getting in here? And from does there, us interesting how just about here? then two on XX% progress side? up new How growth and guess help I you XX quarter-over-quarter. aspirations one demographics do from site? that? on your a that you Can years about maybe XX versus mean you step DAUs driving in look do what understand take kind put users. of can still you shopping

Benjamin Silbermann

Sure, Justin.

So you're little going. do where is covered more it But future that is bit from. more high a the fundamental. going way are level, come length one we to interpret How covered asking on we've initiative I platform long-term to think functionalities? at improving maybe growth useful I demographics is we that the think people be a what And new pretty are that a some at think time? why while at the creators, the to is we think to

you a can you look is content. video of and social unique platforms, where about consumer ones list And you that long that's have some of and when somewhat follow then to Pinterest think and as content. If people form platforms, that you create you publish in Internet a usually, browse grown it's have large-scale utility have content. at subscribe,

we're around. they follow for, want tell something celebrity that us really lifestyle the they introducing rather looking so other they browse where our and And our than and expertise can users that really people video think way a in that minor users we who can entertainment major inspiring are place in content, and

really prospect. excited And about long-term so we're that

test I that investments full a the it, an the from list Pinterest a or shopping to itself there. amount flip for the like the we more made brand and of products catalogs, the uploaded inspiration all progress. couldn't and to But to future useful increasing pivot us purchase. from common most to want needed to I go of see would better of reliably ago, a through inspiration how to to products purchase make on lot from we've to from concerns side you actually have purchase. journey more was things and to year or useful products video A I image, but helping utility, that a made one checkout, page, you taking at of user would image X that, ways leased, get is On like And tremendous Pinterest way there, interrelated a an then we've

in tailwinds. international days of these I and long-term of still also expansion. growth believe we're early I think terms are things both So do

And invest there's a I think And so there. future lot of we're be to had. great going growth continue to to

Todd Morgenfeld

your And the second XX% about question then, sequential I of think platform. Justin, impact the in on increase was of the part catalogs the

few last over remember the how market the similar to experience of user remind conversations had quarters, majoring to we've with little off to some folks I the think fit but I may around bit call, product I'll echo say, a we're you kicked of the that shopping. and little in this respect

natural content of with available services their better that the first journey match trust those, investments that from inventory to to to to catalog deliver the at to point. of to success So The have an products purchase. from had and discovery the improved in to our find appropriate deliver inventory were marry really users catalog users natural that we price that to aesthetic our a ingestion shoppable retailer access to then available designed they high-intent inspiration we've that improve for ingestion in content us a us

of consistent have we that that's still in the in. nice increasingly so see product engaging improving seen growth our with shopping the our and content fit value users revenue, promoting And are market shopping as developing that advertisers

So hopefully, piece. little helpful that color that's a on the bit catalog better, about is, I how think

who on bunch that of potential of content availability Our we are success for the GMV advertisers that a shopping platform. to have means seeing promote content

Operator

question next Your Anmuth comes Douglas from from JPMorgan.

Douglas Anmuth

wanted to circle XQ the just revenue. back I to

XXs understand trying low the better. growth Just to

And can you we and there to at the separately, or just you us help still from of users that any the And risk as rationalize this you do dollars? user comments images impact more these as there growing shift and risk mobile next to more through all shifting several you're just to engagement quantify how that Is then better? with as monetize experience Just over they there Idea few static the overall quarters? terms in transition? Pins, users are go is that any Idea Pins

Todd Morgenfeld

engaged pivot with more it couple we're highly and the from can with some the Idea have the pivoting can of users way streaming Idea users, of as think of we consumes introduce But some a Ben second slots with drive part replacing is add for those platform. We're creator about format app to maybe for are users on then the them we're Pins. those revenue. would right? and using I a that your We're we time about they The of Yes, we or have do things ecosystem bulk there grid these where I even spent kick question. Pins, users, doing a the our mobile our those and value piece, format of the them guidance off and talk highest

our We've distribution place way particular is find in lot go [Technical this compelling action. talked question. how feel content that area like is a diversifying abundance of of return running. economic challenging from because known deliver advertiser to base coming to get users. to up without about this to a the So is to We're and idea relevance Difficulty] it's evaluating In relevance increasingly Idea important that ads we content, want with an Pins also

a so for some engagement implications that less on And as have has than people experience satisfying site.

content an It's It's is these was and successful, the up the about wanted marketplace, that think how investment So about be as will the I how know monetizable get are go. all up long-term unclear with But we for get running. and to that that I clear adoption deal marketplace company. and we we marketplace thinking investment will to this running this content right supply we in rates it. things

that extent, unfolds. we're best make some of where my wanted I of it to road control we're seeing our my within current assessment what in on and based But give Does headed you it's too, map, to of how quarter Some judgment we're where heading. the sense?

Douglas Anmuth

does. It

Todd Morgenfeld

experience, color? user the know, add I if you on wanted don't then to any And Okay. Ben,

Benjamin Silbermann

I it. Well, we've covered think

some will encouraging we've be a early I the of and utility. to think Idea the Pins unique nature really that seen that thing experience. getting a are takes are introducing I is important that think understand new had there a to. things to large-scale lot platform. of is cater items are But it a few successful we the used are And user where have really service, we One

long-lasting so as to fill content, up And corpus people has a that content that begins add value. more

to try not a that cook, on, a can you be party, new might a recipe new of it it's highlight a can style way something, today's workout. you an outfit So

relevance. or interests. Pins And creators find body really more time, people generated, it larger pins and those over That these more and recommend. that with are so larger increases And of Idea a X X of to helps as their we connect have

out mentioned, because is a great purchasing grown where experience thing to we term. ways able to experience, that who I And for to go with it's but or some won't as go connect help and new now with merchants that share term, as your ran, to friction we really people historically, removing and we systematically volume, would would had other a away, of with users. get similar shopping. an their we want version directly you Pin to long we which Todd of that From dynamic on relevance long a that The But beta think love to products. the where their we're experimenting class we Similarly, that's from say took been we've we be directly had to And what's have think creative option passive have on long deepen Idea the continue we've expertise. that improved uploading of users We and very focused to be passion engage bet, live can take experience. the a the creators. the

businesses possibilities opens right up for with kind for to fulfill it want So And is that mission, now. our that that out we and as think great what our Pinners in building out, connect possibilities foundational we're built laying ways. great system who of to opens gets users really up different subscription it

Operator

from Baird. comes Your Colin the of from line final question Sebastian

Colin Sebastian

users. transactions be a take in confidence platforms. checkout you buttons or compared Are of color first, add to levels, you in formats of listings? the to a product decline Or buy and see be that see what international that test they to a and functionality more could rich as on-platform what on then would guess, ads that won't back category And guess reverting recreation? the other for U.S. doing we travel there, of respect more or reopen gives last follow-up with the or little essentially conviction marketplace I it you'll pre-pandemic If through year some like have QX, this March other look secondly, With page? these you will curious I MAUs in a that to we helpful. some media will Pinterest searches more markets

Todd Morgenfeld

-- start you the thank can questions, for Colin. I

how U.S. internationally user cascade seeing that. in that. I'll around bit with the about little then a the Ben about shopping or to the And start So on can the we're maybe envisioning that we're vision that a user and might what perspective question experience and talk

number we be So clear I'm I'm is to with I wanted one. the dealing where are what short to at believe what about we're in moment I for and two, users want and that that the I the in feeling And the looking quarter in the outlook pandemic-related that term, reiterate that number factors influence issues.

internationally we almost -- attention Google are there believe competitive Those things change. unwind there quarter unfold few in small other that of course other know are user And out a the go how market engagement. is impacted This next a what because we pandemic was don't was course, even monitor. And it we I and applications directions. relative don't U.S. a the that to the unfold that will there. our will know the in a for that entirely are Of variety the in I consumer SEO mentioned user over could how this of there months.

this of we've success the is creator highly in that in, execute engaging a we people our a Idea They're ecosystem deepen that could content if prepandemic, work than appeal growth engagement. is strategic our on most on had continue a initiatives service an the about format in will this outlined. example. natural as audience for So to talked had and to on what that doing on I'm Pins service sustained we've people, the though, we're confident more and is the that I Gen wider the Z am than array growing we confident Ben that area.

unfold to So over of and accretive the months. investing right me revenue we're couple know, that will time. in the next things I over it be gives however, don't how engagement confidence to

we're that time. we gave why update we're intra-quarter with the update we -- gave made in and it an that clear evaluating pandemic real that's So the just

you to transactions little don't know if about the experience. a So Ben, bit I want the experience, talk

Benjamin Silbermann

that want probably the the that to significantly think say we I for reduce user. friction I'd just

it see broader it it paint see if but image help to I And And yet, we so together this think then into you that story. want the to it we're about probably the going begins an really talk Today, you'll inspiring you you you'll not to vision, enough, compelling soon specific from go solution might put year. a shopping see.

in there. products You identify can

browse can saw to to in for to find products, the week, of price, filter engage just in where which And creators to direction, there's a long is X But a that, tests, the or picture upwards vision to out I the that we small sharing and want the Idea You at I mentioned And passion. a and on we in then add Pins with click. significantly white of this term, you XX% of connect their products are launch think and their creators Pinners check vision product shops as that step actively their that early also products more over a than by to are X related built tag way ability just in on likely a expertise on to tag videos. background. beginning,

not really over mission working we're them involves that's in we things our to but because core to And the which way go often inspiration, a helping love, purchasing time. giving a of they'll tandem product. there, all So life see stopping these excited people

Jane Penner

welcome our operator, back and to the Ben that's think close final I question, call.

Benjamin Silbermann

for participating do rest day, of please everyone and the today the for stay and Well, and I healthy. Enjoy thank questions. thoughtful to safe want the just

Operator

you Ladies for quarter and participating. gentlemen, Thank conclude does conference that second earnings Pinterest the call.

may all now You disconnect.

Pinterest (PINS) 30 Jul 212021 Q2 Earnings call transcript