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Mar 31, 2022
Pinterest Q1 2022 Earnings Report
Pinterest's Q1 revenue grew by 18% year-over-year, driven by strength in retail advertisers, international business, and managed SMB advertisers, but global MAUs decreased by 9% year-over-year due to lapping of pandemic-influenced growth and lower traffic from search.
Key Takeaways
Pinterest's Q1 2022 results showed revenue growth of 18% year-over-year to $575 million, driven by retail advertisers, international business, and managed SMB advertisers. However, global MAUs decreased by 9% year-over-year to 433 million, primarily due to lapping pandemic-influenced growth and lower search traffic. The company reported a GAAP net loss of $5 million and an Adjusted EBITDA of $77 million.
Q1 revenue grew 18% year over year to $575 million, driven by retail advertisers, international business, and managed SMB advertisers.
Global MAUs decreased 9% year over year to 433 million, primarily due to lapping pandemic-influenced growth and lower search traffic.
GAAP net loss was $5 million for Q1, compared to a net loss of $22 million in the year-ago quarter.
Adjusted EBITDA was $77 million for Q1.
Pinterest
Pinterest
Pinterest Revenue by Geographic Location
Revenue by Geographic Location
U.S. and Canada Revenue
CapyFin.comEurope Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
Pinterest expects Q2 revenue to grow around 11% year over year and non-GAAP operating expenses to grow around 10% quarter-over-quarter. For the full year, the company expects non-GAAP operating expenses will grow between 35-40% year-over-year.
Positive Outlook
- Scaling native content ecosystem with emphasis on video and Idea Pins.
- Improving core search and recommendations to enhance user experience.
- Enhancing shopping experience to make it more personalized.
- Providing value for advertisers through new tools and partnerships.
- Investing in machine learning to improve ad marketplace efficiency.
Challenges Ahead
- Continued year-over-year engagement declines due to pandemic-influenced growth in the year-ago quarter and lower search traffic.
- Time spent on competitive video-centric consumer platforms remains a headwind, particularly in mature markets.
- Decline in global MAUs from February 1, 2022 to March 31, 2022 was primarily due to Russia's recent invasion of Ukraine.
- Macro headwinds, including supply chain issues, continue to impact CPG and some mid-market advertisers.
- Russia’s invasion of Ukraine compounded a difficult macro environment, impacting many advertisers in Europe.
Revenue & Expenses
Visualization of income flow from segment revenue to net income