Q3 2024 Pinterest Inc Earnings Call Transcript
Key Points
- Pinterest Inc (PINS) reported a record high of 537 million monthly active users in Q3 2024, reflecting an 11% year-over-year growth.
- The company achieved an 18% year-over-year revenue growth in Q3 2024, driven by strong performance in lower funnel revenue.
- Pinterest Inc (PINS) has successfully integrated AI into its platform, enhancing user engagement and ad relevance, leading to a 300 basis point improvement in actionable engagement.
- The company has expanded its third-party demand partnerships, including an extension of its relationship with Amazon Ads to Canada and Mexico.
- Pinterest Inc (PINS) launched Performance+, an AI-driven advertising tool that simplifies campaign creation and improves cost per action by 10% on average.
- The food and beverage subsector of CPG continues to experience softness, impacting overall growth.
- Despite strong revenue growth, ad pricing declined by 17% year-over-year due to a mix shift from international markets.
- The adoption of new features like Performance+ is still in the early stages, with advertisers limiting budget shifts during the holiday peak period.
- Pinterest Inc (PINS) faces macroeconomic headwinds, particularly in the food and beverage category, which affects revenue growth.
- The company is still in the early days of its international expansion efforts, which may take time to significantly impact revenue.
Thank you all for joining us today for today's conference call with Pinterest. We are currently finalizing preparations for today's third quarter earnings conference call and we appreciate your patience. (Operator Instructions)
Thank you all for joining. I would like to welcome you all to the Pinterest third quarter 2024 earnings conference call. My name is Brika and I will be your moderator for today. (Operator Instructions)
I would now like to pass the conference over to your host, Andrew Somberg, Vice President, Investor Relations and Treasury at Pinterest. Thank you. You may proceed, Andrew.
Good afternoon and thank you for joining us. Welcome to Pinterest earnings call for the third quarter and it's September 30, 2024. My name is Andrew Somberg and I'm Vice President of Investor Relations and Treasury for Pinterest. Joining me on today's call are Bill Ready, Pinterest's CEO; and Julia Donnelly, our CFO.
This conference call is being webcast and we're also providing a slide presentation to
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