The results of the 2nd quarter, published under Pinterest Q2 2022 Performance Report, ain’t eye catchy, neither disappointing. It actually coveys a focus shift from other social media platforms, amidst the battle between Instagram and TikTok.
The very first thing you notice is that Pinterest remains at 433 million monthly actives, the same figure that it posted in Q1, when its user count started to move in the right direction once again.
See screenshot below. (from Pinterest Q2 2022 Performance Report) So actually what happened was that amid the pandemic, which forced more people into online shopping, Pinterest saw a big jump in interest, reaching 478 million actives at peak. But as COVID restrictions have eased, and physical shopping has resumed, those numbers have steadily declined – though Pinterest did add an additional 2 million in the last reporting period.
Pinterest also reported a 9% increase in revenue.
Pinterest saw its biggest declines in Europe, where Russia’s invasion of Ukraine has had, and will continue have, a range of ongoing impacts. Pinterest’s biggest growth, meanwhile, has come in the ‘Rest of the World’ category, which includes Latin America, where the platform is looking to maximize its business opportunities, along with developing markets like India and Indonesia.
In the words of Pinterest –
“Pinterest is a highly strategic business with significant potential for growth, and our conviction in the value-creation opportunity at Pinterest today has led us to become the Company’s largest investor. As the market-leading platform at the intersection of social media, search and commerce, Pinterest occupies a unique position in the advertising and shopping ecosystems, and CEO Bill Ready is the right leader to oversee Pinterest’s next phase of growth. We commend Ben Silbermann and the Board on the leadership transition, and we look forward to continuing our collaborative work with Ben, Bill and the Board as they drive toward realizing Pinterest’s full potential.”
Looking ahead, Pinterest has forecast ‘mid-single digit’ revenue growth for Q3, while expenses will grow ‘in the range of 35-40% year over year’.
Pinterest Q2 2022 Performance Report can be read here.
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