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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.
Revenue by Geographic Location
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.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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