They are to grow monetization and engagement per user, integrate shopping into the core product experience, margin expansion and continue strengthening leadership as a positive and brand-safe platform. Pinterest CEO Bill Ready touched on the four key strategic priorities. Non-GAAP operating expenses are expected to grow in the low teens on a QoQ basis, implying more margin compression. The company expects Q2 revenue to grow at the same rate from Q4 2022 to Q1 2023. Pinterest bought 2.8 million shares for $72 million in the quarter, leaving an additional $428 million remaining stock buyback funds stemming from its $500 stock buyback authorization. Adjusted EBITDA fell (65%) YoY to $26.97 million. Global average revenue per user (ARPU) fell (1%) to $1.32. Revenues rose 4.8% YoY to $602.58 million, beating analyst estimates of $592.6 million. GAAP net income fell from $17 million in the previous quarter, Q4 2022, to ($209 million) in Q1 2023, primarily due to restricting costs. The company reported an adjusted earnings-per-share (EPS) profit of $0.08, excluding non-recurring items, versus consensus analyst estimates of $0.02, beating estimates by $0.06. On April 27, 2023, Pinterest released its fiscal first-quarter 2023 results for the quarter ending March 2023. (NASDAQ: AMZN) to become its first third-party demand partner. Premiere Spotlight is driving effective click-through rates compared to standard video ads. Pinterest started testing its Premiere Spotlight, its first premium brand awareness service that showcases brands like The Coca-Cola Company (NYSE: KO) with exclusive placements on its search page for 24 hours. publishers, Dotdash Meredith, to bring video content from various brands, including Better Homes and Gardens, Food and Wine, Brides and All Recipes, to the platform across fashion, food and lifestyle categories. The company made a deal with one of the largest U.S. Pinterest continues to improve its advertising efficiency and performance while lowering costs for advertisers. Its investments in bolstering relevance and personalization have been user reactivation engines.
Gen-Z was its fastest-growing demographic in the quarter, up double-digit rates YoY. Pinterest increased ad impressions by over 30% in the quarter, while cost-per-action (CPAs) fell by (8%) for performance advertisers. Video content on the platform exploded by 40% quarter-over-quarter (QoQ). This drove Mobile user revenue growth by 16% YoY in the quarter. Mobile app users grew by 7% YoY in the U.S. Mobile app users are the most critical users generating over 80% of the total impressions. \ Mobile App Growth and Engagement Continue (NASDAQ: SNAP), but is more concentrated as a social commerce platform for users go to get lifestyle ideas with the intent to purchase rather than socialize. (NASDAQ: META), Facebook, Google and Snap Inc. Pinterest competes with other social media platforms, including Meta Platform Inc. Google subsidiary and a former COO of PayPal Holdings Inc. The company has been restructuring since the arrival of its new CEO, Bill Ready, who was the President of Commerce at Alphabet Inc. While the company is still growing, there are growing concerns over its pace of growth and rising costs and opex, which can have more negative impacts on its margins. (NASDAQ: PINS) stock collapsed (25%) after its Q1 2023 earnings report. All Rights Reserved.Social commerce platform Pinterest Inc. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc.
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