PINS - Earnings call transcript Q3 2021

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Operator

Good evening. Thank you for attending today's Pinterest Third quarter earnings call. My name is Bethany, and I will be your moderator for today's call. [Operator Instructions]. I would now like to pass the conference over to your host, Jane Penner with Pinterest. ahead. go Please

Jane Penner

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

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

I'll the Now cover safe harbor.

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

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

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

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

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

Benjamin Silbermann

On And creators proud the world, great retail we'll to year-over-year face signal business. for quarter, despite That $XXX in our that, team. and to million. thanks the then like Todd unwind platforms. continue will want give demand chain users X% XX% in in so different I grateful revenue and I'm to supply pandemic and Pinterest products and of grew it a international as questions. so see on call. It's value much deliver am context engagement, how that Thanks the to shortages, everyone. was more about uncertainty continue macro I impact businesses. joining another start to our monthly from Hi, advertisers grew the for XXX much engagement. saying than other the advertisers up increasing growth just for larger bit I we open Pinners, we see challenges by we our million active to to In

While core use outweigh we like didn't saw and they the March. with an had core downtick in uptick we in a cases out-of-home our cases, in-the-home-use that beauty, began trend fashion

a change However, we don't this behavior. believe in permanent is

to to help and growth bigger predict, try for connects on best that and the a demand hard families is pattern their that that's return to and more place positive the for normal and that is return them much you your picture, more. as And discover and recipes, with tools; think to we feels envision ideas, In Internet we on will building creators ideas, more the Although a inspiration timing businesses why buy reality. in to them. encouraging; place seasonal great place homes, for remain to you new their there the a place to a MAUs rich a so into life people ideas turn healthy focused growing future, looking we and think more

to and TV, their this beginning. can Pins giving with ecosystem to investments showing and follow about to and format. a We've allow introduced a long-term full-screen their our will engagement is to rich the Idea shop searches it accelerating episodes in year-over-year. results. realization, which publish into more to interest, try offers video talked For a Pins like new as Italy past get a others new to to their a audience; Pins, inspiring love. screen lead year-over-year. XXX% display and Gen same We've links their more shoppable. creators program content to personal Pinners. Program tab, future all Idea were product for Idea just up over passions continue A Slide how new features why searches make and core ways creators This in to folks to strategy. X were can of easily efforts long for a excited the Spain. including on the new of up Show help our rewards products a longer-term users is Pinners their number affiliate started investment by feature Collections, experience, Shop they execute Brazil, Idea journey Pinterest which original momentum. into features Verified watch are Overall in media. execute We Merchant creator-driven new just recently, product-tagging over of Pinterest merchants the this the Z so brands. tab sharing we on reasons creator where which time, make expanded invest markets, QX, seamless visit product time, live offering of these can more and way for favorite those deeper spin own inspiration so a We've is video weeks, called and most people we've to Pins; more native XXX% inspired with In their creators released our on new added new continued feed encourage frequently checkout from full helping evolve Watch pay At In testing our ideas; to believe by same vertical few a people lifestyle us And the the strategy the we the we're about featuring and that new time, creators. find we Takes, we've where the And

selves others possible. future future. themselves, make to that their that So what ever others, We in the to thing changed a just to places years, as and not not on I'm as believe why proposition. and while that's what want over love, that's believe truly about world like focus hasn't Pinterest, they value best changed is X.X people envision one we past the define our If and our place excited

Now to I'll it over Todd. turn

Todd Morgenfeld

share the Thanks, pleased and trends we XX% grew with to Ben. XX% third EBITDA the I'll results quarter for QX were year. QX outlook nearly of adjusted compared financial expanding with on last saw basis QX. $XXX in We a X,XXX when provide further to million that some the details of preliminary points we revenue delivered. year-over-year, margins

our supply provide year from and the CPG impact year-over-year color. the advertising of from on the growth. spend media in scale is distribution boycott little issues the into was revenue bit the for most to continued our had and like QX last letter, performance about QX a We was estimate year-over-year in chain the guidance Also, additional social details that this While QX. placement of our digits. Idea the positive would have We to our quarter. benefit I'd impact financial that we revenue absent the to negative macro a factored Pins of mid-single-digit mid-single our during advertisers impact shareholder year, growth estimate This

these year-over-year. early engagement, future we during impact to QX. Finally, saw changes of monthly and On don't from active too said, iOS revenue policy ATT impact believe still it's predict That revenue changes. grew Apple's the X% global long-term material a we users

to remained but users due also continue primarily changes active app We face to from by U.S., fact declined MAUs, to pandemic headwinds, our MAUs markets. to grow to contribution user resilient mobile relatively to described, that global as which Gen the web international app compared year-over-year. due emerging year-over-year. service, MAUs In our to double the that easing, mobile Ben digits when continued encouraged monthly remain particularly lower SEO from impacted double digits and certain web-based our a We growth Z traffic in

remains Turning outlook for unknown. our our and to engagement aftermath exact the and QX. The impact its on preliminary of pandemic revenue

such cases decor, a On ease our home precipitous side, DIY, to recap pausing haven't spring, use at-home on fully like Pinterest and saw couple last of we the our some last it's engagement began of for lockdowns When engagement trends they yet. core to today, cooking and drop worth to began, food over of That's use pandemic quarters. the a understanding before adopt the not recovered than and in environment moment what's you cases we're grown. belief like was driving it to normal a the our fashion look the and cases, while decor home propensity less at Pinterest yet. is use When propensity has beauty that women's as drink, at-home adopt and in

human trend a to reflects Ben don't in active change monthly and normal permanent eventually believe return users As we pattern. behavior, seasonal growth will a think that more we this said,

following to user a predict, timing we uncertain is While and remains active users seasonal monthly this, not by because the behavior trend. evidenced QX as difficult subsequent the typical believe pandemic

this the and spent revenue-accretive So as will mentioned most monitoring the we build we changes can, term. on competitive as inspiring we're we're that quarter. the well time investments SEO the be as native confident and In engagement making continue product content of environment, platforms in to we're this and we long impact in last

think Given most helpful to it you we where this know are is context, we let today.

million, were November monthly were approximately active approximately U.S. and As of users global X, million. monthly users XX active XXX Tuesday,

predict monthly we play distorted While from has the exactly QX, will so the saw typical some as out quarter-to-date quarter active the trend in seasonal of users, to trends hard stabilization suggests unwind here. our pandemic how it's

total revenue expect grow a the percentage on takes basis to revenue note account into high the a guide that side, in On we considerations. QX year-over-year. our revenue teens Please few

the environment remains First, challenging. macro

advertisers, the will center, it's non-CPG the Also, still chain issues during things For supply sure possible QX third they macro than in CPG improve. they're did more chain other and affect front will quarter. are supply not and verticals our when issues and that

holiday tough year-on-year we this in our being social the during media quarter, in we facing meaningfully for ads we're a a boycott ad revenue, In positive very quarter. strong and Second, QX automation the season, election. investments drove XXXX spend platform comps the attracted XXXX year-over-year had year-ago

a Third, resulting CPAs. advertisers. the continue, some number our today, to we're goals. appear more demand to have On monitoring investing for monitor see in we're that we This is we time, existing turn, overall we'd exogenous eventually continue their declines our not Pinterest on same in engagement advertisers. the monetize specifically, if seeing in CPAs, be monetizable achieve higher that help are and, higher supply could this ads some opportunities factors CPAs higher At including advertisers There impacts price-sensitive from of dynamic. something constraints digital on to expect and our are and to supply

headwind Finally, Idea to under remain likely increasingly Watch monetized modest term revenue scale drive engagement. relatively in as to a Pins as the undermonetized it the shift tab. investment medium vertical as streams surfaces user new as Pins, as our we future in likely and will surfaces will to Idea experience and will traffic video, was our guide. the QX, reflected optimize such in distribution the in new we This QX of These be quarters,

Pins Idea that believe time. will be we and both However, revenue-accretive engagement over

Finally, expenses. I'd touch like to on

our invest the content, to inspiring of in in business Pinner continue and experience, We growth accordance key shopping. strategic priorities of success the the with advertiser

non-GAAP grew expenses year-over-year. XX% Our in operating QX

at QX all long-term expect to Thank up can our people in we expenses inspiration. creators for we and as non-GAAP percentage operating find our investments our questions. in that Pinterest to We that, you basis our in continue quarter-over-quarter grow campaign fourth the quarter. it invest strategic in Pinterest, low-teens the teams with our the initiatives of partners, to to And open advertising brand-marketing to come and ramp

Operator

[Operator Instructions].

from The is first Barclays. of Ross question line Sandler with the

Ross Sandler

guess years, uptake Ben. And the we If Or X in activity. and what for what creator Watch The all could it's it's Idea then, thoughts and overall X kind tools new how get? of here. Pins do XQ early talking be of the we one engagement? material? on Are new looks questions. to decent. that look just And you impact days this pretty could it Todd, and the Two on just think out kind Any iterative? creator actually guide I going tab,

kind from I underperforming X the update of moving you get go in sequentially, quarter-on-quarter, like look all other, outperforming And can CPG right retail, percent level XXs now. good at guess, CPG? like What's as of of on aside pieces the just what's we it an big revenue? any big pretty terms and how XQ? high more color low are, If of on all kind into considering you

Benjamin Silbermann

then and Thanks by question. for your start Todd Ross. creators, question, your address second about I'll talking will

principal So a why just just reasons. on And back, I in step creators, in everyone the are taking X like to we're want there maybe of first investing place. this remind

fundamentally first The Pinterest about that is is inspiration.

think video we its but in really images, the still web-based with mobile infancy. format for video people that is inspired is long have We in And fundamental inspiration future. a today,

play core different strengths. you're platforms video all to that develop products So seeing these their

are Some about entertainment.

enable really at are are action. social what to to we Pinterest, And creators Some is aligned videos connection. about opportunity people and with take do produce inspired this Pinterest, which see there on that are get

And proposition so value think in unique we that that have we a space.

strategic think shop time goal deliver this through engagement to our and we rich drive behavior. one and is actions deepen on interactive over video, So better to will both mission

second needs The back offline frequency. kind to of give mostly Pinterest you reasons come more to lives our to goal, And in people their this, is historically, when suggest come greater to Pinterest something and with attention. users

and But And episodic that a favorite driven preparing home creators events they engagement remodel a frequently, service from example, and that is events or to brands, have to what regardless exogenous back-to-school. the visit service such of are reasons by tends itself. seasonal people planning when their For project they be as means offline. to to the content might engage for Internet, else and a more on be subscribe a for more happening

XXx, out kind to need significant the meaningfully kind of content new more getting And efforts to product most Idea off proud I'm of model team. products; published efforts you grew Pins investments increasing quarters still Idea these year. of on been mentioned into make We that going called to mentioned, tag Takes; engagement. weekly the Watch daily grew And needle. since change useful, only feature and time some growth TV. of can of spent also but and this subscribed we more several tab, take a the of new we're starting visibility pinches integrating But inspirational those in and meaningfully cannot has as of Pins really The more as it's creators number the see creator resources It's than more So the active Look, Pinterest beginning recently, invested XXx days. momentum. Pins build of for well. the early conventional a those the to move

to long-term of continue things we're We and to really it did we We're in. deal going with it So about with going to that invest. we're creation. it. a expansion We and go consider on and the that optimistic all is shopping. with did tend priority, We now believe long online content to say advertising to this we global performance

Todd Morgenfeld

little -- quarter then Ross, And question I second I think your and give on guide, the was fourth a about that. more color can bit the

in So I we often growth the But at basis. know a ways. folks question on stacked get look of this a variety

with CAGR think We're years. in I over mid-XXs, in the the trend. couple basis is mid-XXs the of a on it's consistent largely which last

fourth through we there. The I it's quarter. benefits bit CPG that yet. work had a that The I expect is seen and So beyond season year, had us, especially We holds point but automation that really year, compelling your color the other we to before, think haven't we campaign expect whether it the some year things into mentioned that, a product and CPG, persisted improvements that this phenomenon. on budget that unique our continues had little results broadens lot election that would optimization And QX. is last I which an behind holiday QX a we of aren't then strong great auto last through industry-wide bid, headwinds, beyond the had year. that through question

whom as is of international mentioned, are the on then consideration continued now, investments we've many funnel prices means larger buying Does more And of mid-market monetizable working, mean right I monitoring, strength efficiently. been which retail impact using So benefits a for our we're advertisers, traffic really advertisers the around lapping our we're platform. the of larger strength objectives a are working. and that of or the in about that. I we're with the But managed as in higher answer platform our that years great full supply is our result, question? last performance that couple talking seeing your and strategy we're success

Ross Sandler

guys I the don't Yes. revenue off if conversations in Yes, with just it out, does. you comes I to willing think, up X. other mix, I are like of it and is CPG, around something some our mean give retail know that but the pieces moving and those

color, any high that? So level on

Todd Morgenfeld

have initially question. advertisers. Ross, at the me of we bit highest your our non-CPG business out reminding improved. that arc has stack grew larger I last on retail We moved the and the build has level the CPG and -- thanks serve The a secular of for back and away strength in about automation on more as we us other basis, ad diversification several particular, objectives. better diversified, meaning advertisers, of their in place into of retail exposure mix mix And larger that X. retail, still know, retail of last as those managed We've And actually mid-market, toward for a mid-market given that's into especially we healthy the strength of been respects. the verticals saw deeper over in you in back the quarter a some in kind years. lot saw last and we the -- to

showed advertisers last up in Our larger force quarter.

Operator

Eric Sachs. Goldman question next the from with line Sheridan The comes of

Eric Sheridan

industry the from I us headwinds to of wanted you? made. if you picture a and how feel a lately. the in against Pinterest obviously been industry sense changes out? some privacy investments of a the written industry years? accomplish of privacy economies standpoint sort just positioned the How And little broader a Ben, strategy around give coming you against broader and and to And ask, Apple about Can the trends strategic press has is you bit of measurement, in you can on wanted then you're called commerce metrifusion sort A around of company other tools has much you how organically key yourself? in way of the advertising the mechanisms to what by need I positioned are in out questions, and lot better ask internal thinking I intent have about the the of be could. of back a And the might to creative and that lot two the called players build the

Benjamin Silbermann

the while. about Eric. Sure, start question don't Well, landscape been on for talking we've a privacy for with quite measurement? why we in your prepared the being Look, shifts

quarters we about first-party talked past in so X X or now, And investing for measurement.

deprecated our we exposure our of not IDFA, a to have altogether it's don't But usage because heavily we have results. relatively our the in much look, we've first-party didn't Number on the QX, encourages we One to signal. revenue a in much that seen is format policy that to an of of of commercial engagement, term, Now deep think reason just of tell. amount saw XXXX, advertisers. The early believe of set multifold. third-party we and ads, think contributed intent service material is long-term less loss that is effort value to meaningful we the loss two, app Apple over have that impact so depend don't often not revenue. helpful historically, to We that ads. any long on users us makes impact relevant The because changes. of we as And serve dependent provide which highly rich do signal in and install signals data, have

pretty have been visibility in privacy-centric to just to models the then ad of offsite resilient conversion we've tech a improve investing our been stack mentioned loss solutions. in think our we I finally, top, as data. the so And at And

So that's kind of the mix.

more it will of for that changes. makes we time, of some And seamless X see in, is traction checkout. area product help as over sort of that's more where, want continue privacy think to and dampen because more users, investing it area the another better we I honestly, those there, effects

first sort So that's your of the question. of part

asking bit stand-alone say really want strategically don't think company little feel business? about about the question a I how more a are read you one few positioned. thinking is positioned Pinterest the lines, would but And is people how question And between we're is, -- and second to we're for I I a maybe reasons. as and that how Your well

those into that's for coming to plan interest which also a invest position. that and connect safety unique pretty very enabling a differentiated people sure to value Pinterest is acting to a And right? coming it. also ability to for and for it's case, remains the to them envision this through significant protect that future. inspiration with not envision a use content audience That's to actually place action positive to heavily we're a friends. to positive products make brand take They're First, increasingly, to coming We inspiring differentiated their They're but turn by a the really and retailers future, policies that that try proposition, reality. to measures, both can

they're players, interesting wanted. But is a that better few Second, online explore showing you and are of products Pinterest sits at, the esthetics mentioned, that to one great to where One, like of the trends knew when and really really say at where commerce really for it industry. furniture, growth say you things And clothing, growing suite already are trends intersection taste possibilities Amazon shopping, you retailers. looking part as you people this secular that their brands things large the is are across across commerce. to Pinterest an express in resonate, place matter, really that tools. are things comes And

I with puts to most then in think I it's competitive users coming position. specific think is the important before, and I it online a then working I hard an but infancy. video. its video, think in space, mobile It's online intent, that investment is investment in thing the gaps solutions. we and ecosystem shopping the in that great finally, newest that a creator but us our in And in video that experience fill a still we're that through look, said have

time. verticalization over going happen You're see to

both media also creators really allow models well providing new but different positioned in to revenue for do to is action, to Pinterest facilitate future. pioneer formats them the inspiration think I

really just for So that's with sentiment years. users it. Pinterest the what's new our And the been to went about of couple which that really our to and progress it's go suite, transparent see being life. our market shopping feel conversions; creator really great We've the of form last from of about about challenging place positive the just traction underlaid increasing strategy been pretty parts end plan towards and to, October; of important to to they inspired their more

Operator

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

Brian Nowak

I have two.

Just categories. of help understand social so investors just bit are level, And companies conversations high you you as helped opportunity. Could of up the little value already Can second you opposed CPG, little sort to I'm I et a just one, in bit you into us searching with. challenges to are a then just what want a guide quarter far. with into the the about it'll trying just first seeing October other come already the help Or to probably more XXX%, Gen the us factors I staff always seen categories pull pull for more are shopping looking mentioned seeing other out intent back, bit? back? searches about supply October? and the there to on You fourth going a being potentially chain Ben. having the even people go versus little of browsing? and in out us the et I one, coming XXX% CPG for Z platform, percentage the understand winds just little what cetera? it's appreciate maybe the you you the cetera. you're understand up what think What seeing Are you've figure who and out help product

Todd Morgenfeld

Thanks, Brian.

terms QX how tell delivery in the that QX on this reflects So the what what guide, you know trending we're about of likely I through and the through call and I of quarter. into guidance demand end I would the see

nuanced a you abate other industries similar the to I'm the of communicate in is where just a It It's we continuation last the message. weeks omnichannel not kind provided saw either COVID extensions in the who the Pinterest-specific supply comment. you in And trying caution market. yet unique of initial that thus about closed. what is changed the the part stores over trends from There's of that And out. bit I'm as we nothing a reading CPG mind, pullback I'm in respect start seeing that -- So had something We're in with in we that I'm deliver CPG is where haven't that when or I seeing to product, the sold retailers saw to in that's relative CPG few what in the but quarter literally QX and far saw news I'll harkens their challenging, saw not advertising us that period that's were on there. seen out a the And core anything in day we of that's core challenges can't that QX to in back not market. chain do part a in same demand. to call dynamic my at every I all in little CPG, and about I quarter. advertising, would not anything

that's that's bit -- no hopefully, communicate anything nuanced not more I'm trying than -- little that. a to there's So

Benjamin Silbermann

the on breakdown. Brian, of on do what's the disclose going make in shopping kind the in it you a don't you're surface. for shopping one on connects engagement We our do your searching seamless is specifics engagement philosophy the folks place are that tell of on inspired, what how areas growing in how platform about question platform, you of search of it make think fastest And I can many But and there. we of the that what general. try engagement to want so to to that we it is any we feeling shopping to is

it lot So And even shopping searching connect we'll generally, opportunity number shopping we team you year. of related When there's see Those and find surfaces. easier as And to you make And plan when within been those big that you the to That's can then easier that just those a down, we a means is talk long-term scroll in this push for surfaces. over inspirational by retailers. products. products. to shopping our if you're grow of well. services, are new surface the to ads individual search, time, about

lot So to we see. there Pinterest and they of little is Pins is to they buy great. bit a the want do eventually things sure want we a want Idea TV, make But experience that talked about and people to

so we'll those to connect Pins shopping And experimenting be Story and Pins Idea ways services. into

all it that at it. to from goal that that shut to times like Our make see really sure perfect to products No the Pinterest being a wants of make but in time, moment feels down scene, it at inspirational. to that inspiration you road, when one feel seamless are for perfect pivot make same for buy product where see you and easy you eventually you is

again, work just disrupting without learn. the inspiration some user seamless Shopify That's we're path from time. checkout with in an in QX, experience same a couple to the shortening just purchase started of the early so pilot. at And of partnership experiment about But including it's the it with folks, them to helping

Operator

line the from Greenfield comes LightShed question next Rich with The of Partners.

Richard Greenfield

of thing I of think listening to many about you is questions, to I sort low your a ARPU people a is group, your actually on have Ben. really peer add got of that just one, don't guess, first-party to the versus others ETT your -- data. couple the lot you, Eric's I that just and still issues have questions. of I because are thinking

you bigger I you a a question growing different you between level just QX guess where is products? monetization. XXXX, just the do different ad team? thinking or level need your Do ARPU is? about Is even and the why given just need like a it's isn't whether big advertising feels ad disconnect dramatically of size like faster that there's selling So -- it the It are

from works? of versus the of feel thinking like, I mobile. as need shift the page you how more feed. of you And sort as the sort of and economy functionally of think need Facebook Do to Does both I'd two, lean how to main Pins thinking of just you as about sort we've way the it does curious view Pinterest video-centric on about just Instagram video? then your sort go Just about into video-centric the especially issues, you different you on spikable it Pinterest, looks moving about to more that. or love sort creator heard be and changing a to it? and think just was historic need look more those start a to

Benjamin Silbermann

and Sure, like evolve changing second behavior I'll user And about with yes. expectations keep are it's Rich. user your first. think patterns? I answer we to absolutely question with And changing up start really experience the continuing is to the

in a XX. of launched October we features set So

that think to format provide We Pinners For things we can the customers can first differentiate type time, we certain become provide then aligns that accustomed format. strolling of do. that's to. of there tab, which are sort like vertical Watch really the and we an content to think is what And the we immersive really who

it the be eventually for. just looking to they're to that sort purchase inspiration, you'll And new us But principally things X so all rolling example. want experiences be of when and easy to both go kind browse seeing deep of out designed more make they and that's more are and

users. really started roll more to That get building just right, our over you're teams you're and in So hard front to to world. in are actually the them out work right excited the changes. all of at ask, I'm

money? first Your And things. we say more why few -- don't say question still is would me low? is let make your I ARPU Why a was,

I'm of actually proud enormously the team. all, of First

a see really revenue talked different we before about And further significantly. few growing growth. we that opportunities significant for are We revenue

The is first international.

So that's faster we big continue United our at scale driver are that the a that we States. of opening the revenue. the are rolling in know, out faster as to into think users we're up ARPU products getting of lot as such international shopping new developed a geographies, and U.S. maturity. in because, markets earlier you are And outside and We're

Second, automated important And really to inventory. of not is more ways couple and we've one more today. build bring what trying more we the that been monetized surfaces have is of most a doing high-intent to are that in shopping. And

about remember and about scale relevance really talked relevance The API, uploading. is we the of catalog the underpins more shopping added services So matters, there. can also thing products the to what get is an We've so more structure we that the and and catalog.

cost really So Todd in pay just that think one recent If of improve path of we seeing. the progress ahead. there's returns And to the briefly, those mentioned click, the seen ads to the really budget amazing seen that's of has ads we're give but checkout, per a in more friction been working is really that -- thing. optimization excited we've that with significant thing most advertisers, and value automation as leaps a we're XX% different and been on. really that, opportunity to And pleased we to we They the keep XX% team a efficiency is we're of the on lower downs. hard. there to us a can We've product I'm on then team see The grown it good final signals by we've advertisers we can top that long-term number innovations look, that this that. investment, which and reduce firms. driving our think

adopted an of we for automation midsized democratize the time. by that those gives our think smaller some to As larger over tools it gets advertisers some and advertisers, opportunity of

growth. for that's So opportunity third the

of great hard grow us. So I I great business, a think have and we're a opportunities of ahead to lot question, get the we really working and

Richard Greenfield

you and of on, you 'XX? like do we just lot a we some the start 'XX, think of the there, as about see depths to How -- see things answer. that If much do I could appreciate through I move of tag about talked to start as we

Benjamin Silbermann

Todd driving better improvements those better formats that things efficiencies. and always more. opportunities. exhausted ad let kind I of in mean are things think it in improvements all are I those I'll automation, and that measurement, like expand Well, we've think on don't And I

we continue building markets operational about investing to more We're speak out And opening. can we're that International, we're that. significantly, and teams there. pretty so on work new Todd

and sure right how take to are get we're I revenue Those like the away And those think hit are Idea make and having farthest willing experiences opportunities a monetization we working to that Idea Streams. find well. what time. out users of brand-new do experiences. monetization fold the really short-term Pins to probably over And is are on to experience a then great in

contributors they're the people relevant to brands When engagement, to and quarters. the most to headwind may to how in true, person, mentioned and things to we're partnerships information established expect want testing, wouldn't to right are revenue. coming also in I We're revenue show content. giving testing We're we'll guidance short build content growing the that be them. inspiring driving feel ads. So that beta idea Todd getting interesting like those intentional to We're think I a That's ability sure that, creators term. add but find the bright an really but beta big those creators, are be some our with so choice. We it's the make on ways right clear

Operator

with next Evercore the line comes Mahaney Mark of ISI. from The question

Mark Mahaney

and I about thinking reactivation MAU want ask to strategies about. you're that retention

people could look of period? good have of were had it of probably broader came experiences, case of back users How cases or users appreciated a very for decent that you that get uses kind Pinterest. and on -- obviously and those X and but use use COVID number may like broader first one had -- that How them tried your You you for do to and not maybe on, breadth do come who applications Pinterest? find saw a the get Pinterest at done only one

Benjamin Silbermann

Mark. Thanks,

then more that lot we've Two I users can you talk for it better pause. the answers you seen and reengaging our a is may then it is historically, it friends, come I at do question. we job that. period a of with use you engage back. top, of Pinterest a come time unlike where users. social for to almost but daily a at your a One great think might service And those to and project that use a something it in, it's to mentioned product,

so we're work do will invest continuing efficiently, is that taste to it really more us do well. ongoing and like better and things And the this to and enable personalization, which to more in graph

is from using we'd longer The for is actually term, second answer, folks love and continue this getgo. it the

and of not frequently. and cases the keeps that. in do using the can lives. published building them approaches. doing early really of second, service we're more often reason the But by that place And improving use them them connect excited and more and resonate, first people lapse of our folks people more to by quality And of quality find more that visit And service that model about one that so personalization the outreach. and are the relevant letting different in and the in with creators X Like their in again, that we those because things part think the is we're resonate showing cases them creators with that resurrecting more on why more the use subscribed is as

Operator

question Sebastian Baird. comes from Colin next The with the of line

Colin Sebastian

as also. to particular for services could during the particularly pandemic? first if new curious a regarding part have commentary can a guess, headwind. impact your shift this if Z terms a what looking loss guess expectations you're usage Is tell. I the for, platforms? off, you couple other those negative legacy of from cohort Or of there from the be positive this then and what I to away to came you're of just loss cannibalization revenue I are in of Gen needed around surfaces? are questions time seeing hurdles a a near-term of from respect the attention that secondly, to And on with users, impact, frame

Todd Morgenfeld

Thanks.

Ben, strategy, bring to a building we're couple to we One, detail platform on not execute, of amount into give I back went of creator what our will which them people things. think, around when So a and the more frequently reason fair churn. a

a all our on early platform. innings We communities, products said, we're fairly of subscribe weeks that. a great just in that So Pinterest-based aspect keeping ago, I'm which people excited a series about start. -- that on of All couple published and are the launched

great I and I get it think quarters time in Ben ecosystem a a across few And to takes way started, and why philosophy base. community it the builds will long-term our these us we take initiatives. on big new up a creator that take running where reason is, think the a that user investment

and user international does market opportunity robust relative audiences is If places in localize U.S. make a go you sure to resonated the content, did and we've advertising experience in the as and those same around monetization, we to seen outside multiyear U.S. that back make what the effort that, was of it world; sizing, what U.S. that to across the is the the way in sure

We'll markets and So next seeing opening great it few year that think -- around still And yes, what question Latin mean? as that next success. open we're does year, years, up was well. up going to a taken X I Japan has more us Mark's we're American markets. It more means back

user to upload the time at commercial would for right provide organic products, in we a And that we promoted find merchant the and serve for so right where least users those the community relative a things or to dedicated opportunity years same was to way that high-intent intent. marketplace to unfold. take our two-sided at to us the catalogs true right needed content It shopping. surfaces the is needed The with to content

a is we're making for user is shopping on The over be that is discovery shopping making. these will regularly better engagement. and you'll investments rich turnaround on for frequency, user time. we're confident better published sure in creator that This first back more platform will this model and -- subscribed session longer-term investment will The Pin making will is I people Our first, drive Idea same highly positive. focus engagement But communities, the a and that see on us. was true this opportunities. interest-based it will depths terrific around time. the experience sure experience bring a experience not us be work of ecosystem quarter, But I'm now take over focus a monetizing around our next think

that is our And school On back person. meant spent went the Gen less time platform. year ago, relative in to our in community on Gen that to point, best Z that they a Z people belief

the X -- if had remember impact. we split way amount ago, around terms we iOS audience was out roughly global which the you a in had an year, we also there's engagement update, and year geographically to fair million wallpaper. That -- similar third of of was of called a look in users We think I quarter at last our

bit people on a Pinterest the of spending and just that that at so looking is back in school we're quarter. headwind was And a going thing in biggest to third But that time less the cohort.

Operator

is This your will Loop be Mr. line our last with Capital. Sanderson the from open. Rob Sanderson, line of question,

Jane Penner

Rob call? Or we on line? move sorry, should close have the to do we I'm operator, the

Operator

answer. not did Sanderson Mr.

conclude call. now can You the

Jane Penner

hand Ben I'll the it end Great. over to call. to

Benjamin Silbermann

again evening. keeping all your questions. look to of the of Well, for enjoy I want for thank I great thoughtful rest to going, work. or thank joining and again another forward day the to quarter the the everyone Pinterest team We your and for just dialogue want

Operator

quarter call. your participation. Thank concludes third That you Pinterest's the earnings for

lines. disconnect now may your You

Pinterest (PINS) 5 Nov 212021 Q3 Earnings call transcript