Core Viewpoint - Pinterest has experienced a 10% decline in stock price following quarterly earnings that fell short of expectations, yet the stock is considered a worthwhile investment at approximately $35 due to reasonable valuation and strong operational performance [2][3][8] Financial Performance - Pinterest's revenues have shown significant growth, with a 17% increase to $998 million in the latest quarter compared to $854 million a year prior, outperforming the S&P 500's 4.3% rise [6] - The company has achieved an average growth rate of 12% in its top line over the past three years, compared to 5.2% for the S&P 500 [6] - Operating income over the past four quarters was $216 million, reflecting a modest operating margin of 5.5%, while operating cash flow was $1.1 billion with a high cash flow margin of 27.5% [12] - Net income for the last four quarters was $1.9 billion, demonstrating a notably high net income margin of 49.3% [12] Valuation Metrics - Pinterest has a price-to-sales (P/S) ratio of 6.8, compared to 3.0 for the S&P 500, and a price-to-earnings (P/E) ratio of 13 against the benchmark's 22.6 [6] - The company's price-to-free cash flow (P/FCF) ratio stands at 24, while the S&P 500 is at 20.6 [6] - The current valuation of 6.8 times trailing revenues is consistent with its four-year average P/S ratio of 7.3, indicating potential for further appreciation [8] User Growth and Market Position - Pinterest's global monthly active users have increased by 11% year-over-year to an all-time high of 578 million, driven by AI-driven personalization and strategic partnerships [9] - The strong user growth could warrant a higher valuation multiple for the stock as the trend progresses [9] Financial Stability - Pinterest's balance sheet is robust, with a debt amount of $137 million and a market capitalization of $24 billion, resulting in a favorable debt-to-equity ratio of 0.6% compared to 24.1% for the S&P 500 [12] - Cash and cash equivalents constitute $2.7 billion out of $5.4 billion in total assets, leading to a strong cash-to-assets ratio of 49.2% compared to 6.7% for the S&P 500 [12] Downturn Resilience - PINS stock has performed poorly compared to the S&P 500 during recent downturns, indicating weak resilience in economic downturns [7][13] - The stock has dropped 80.7% from its peak of $89.15 in February 2021 to $17.19 in June 2022, while the S&P 500 experienced a peak-to-trough decline of 25.4% [13]

Core Viewpoint - Pinterest reported strong revenue growth but missed EPS expectations, leading to a significant stock decline of about 12% [1][2]. Group 1: Financial Performance - Pinterest's Q2 revenue grew by 17% year over year, exceeding analysts' expectations [4]. - The company added 8 million users in the quarter, reaching a total of 578 million monthly active users [4]. - Free cash flow margin was nearly 20%, up from 12% in Q2 2024 [5]. - The average revenue per user (ARPU) in Europe increased by 26%, while the Rest of World segment saw a 44% increase in revenue year over year [6]. Group 2: Balance Sheet and Shareholder Value - Pinterest holds $2.66 billion in cash and marketable securities, an increase of nearly $150 million from the previous year [7]. - The outstanding share count has decreased by almost 3% over the past year due to buybacks [7]. Group 3: Concerns and Market Reaction - Management expressed concerns about the impact of tariffs on advertising spending, particularly affecting Asia-based e-commerce retailers [9]. - The initial stock decline was exacerbated by these comments, despite a strong revenue forecast [9]. Group 4: Investment Perspective - The current stock decline may present a buying opportunity for long-term investors if the tariff effects are viewed as temporary [10][11]. - The long-term investment thesis remains intact, with management performing well despite short-term volatility [11].

周四，图片社交平台Pinterest(PINS.US)公布的第二季度销售额超出了分析师预期，但每股收益低于华尔 街预测，且其核心盈利市场——美国和加拿大地区的用户增长陷入停滞。受此影响，该股盘后交易时段 跌幅一度达16%。 财报显示，该公司经调整后每股收益为0.33美元，低于分析师普遍预期的0.36美元。美国和加拿大的月 活跃用户为1.02亿，与前一季度持平。据了解，该公司绝大部分收入来自北美市场。 Bloomberg Intelligence分析师Robert Biggar表示："除美国以外地区，全球用户增长均呈现平台期，这一 用户基数问题值得警惕。" 尽管如此，Pinterest表示二季度增长将好于预期，这表明其广告业务在人工智能(AI)冲击网络搜索环境 的背景下仍持续扩张。这家主打视觉搜索的公司周四声明称，截至6月30日的三个月营收同比增长17% 至9.98亿美元，高于华尔街预期的9.76亿美元。平台全球月活跃用户数同比增长11%至5.78亿，远超5.53 亿的预期。 业绩增长主要受益于两大驱动力：Z世代用户群(目前已占平台用户半数以上)的激增，以及平台AI工具 对广告商的吸引力——这些工具能为广告主提 ...

Core Insights - Pinterest reported revenue of $998.23 million for the quarter ended June 2025, reflecting a 16.9% increase year-over-year, and EPS of $0.33, up from $0.29 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $974.61 million by 2.42%, while the EPS fell short of the consensus estimate of $0.34 by 2.94% [1] Financial Performance Metrics - Monthly Active Users (MAUs) globally reached 578 million, surpassing the average estimate of 573 million [4] - Average Revenue Per User (ARPU) globally was $1.74, slightly above the estimated $1.70 [4] - MAUs in the U.S. and Canada were 102 million, matching the average estimate [4] - Geographic revenue from the U.S. and Canada was $745 million, below the average estimate of $752.28 million, but showed a year-over-year increase of 10.7% [4] - Revenue from the Rest of World segment was $63 million, exceeding the estimate of $52.42 million, representing a significant year-over-year increase of 65.8% [4] - Revenue from Europe was reported at $191 million, above the average estimate of $170.75 million, with a year-over-year growth of 33.6% [4] Stock Performance - Pinterest shares have returned +8.9% over the past month, outperforming the Zacks S&P 500 composite's +1.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - Pinterest's CEO Bill Ready made a controversial decision to prioritize user well-being over short-term engagement metrics, which initially led to a significant drop in stock price but has since shown positive results in user growth and engagement [1][5][14]. User Growth and Engagement - Pinterest now boasts over 570 million active users, with Generation Z making up more than 40% of this demographic, marking it as the largest and fastest-growing user group [2]. - Since Ready took over as CEO in June 2022, Pinterest's stock price has surged by 86%, although it remains down 58% from its all-time high in February 2021 [3]. Strategic Decisions - In 2023, Pinterest became the first major platform to set accounts of users under 16 to "private by default," aiming to protect young users from unwanted interactions [4]. - This decision initially caused investor concerns about user engagement, resulting in a 26% drop in stock price from April 14 to May 5, 2023 [5]. Long-term Vision - Ready emphasizes that focusing on user health rather than merely increasing usage time can lead to sustainable growth for the platform [6][10]. - Unlike other social media platforms that optimize algorithms for engagement based on emotional reactions, Pinterest redesigned its AI to prioritize content that users consciously choose to revisit [7][8]. Targeting Generation Z - Ready's strategy resonates particularly well with Generation Z users, who appreciate Pinterest as a healthier alternative to other social media platforms [9][10]. - The platform's initiatives include encouraging users to engage with the app outside of school hours and promoting a no-phone policy in schools [11][12]. Market Positioning - Pinterest's success in attracting younger users has allowed it to reverse a trend of aging user demographics and user attrition [15]. - This growth has positioned the company to capture market share even amid economic uncertainty and a downturn in the advertising industry [16].

Financial Data and Key Metrics Changes - Pinterest reported full year revenue of $3.6 billion for 2024, representing a 19% year-over-year increase [4] - The company achieved an all-time high of 553 million monthly active users (MAUs) by the end of 2024, up 11% compared to 2023 [4] - In Q1 of the current year, Pinterest reached 570 million global MAUs, marking a 10% year-over-year growth [4] - Q1 revenue was $855 million, which grew 16% year-over-year or 17% on a constant currency basis [4] Business Line Data and Key Metrics Changes - The company has focused on enhancing user experience by investing in actionability, relevance, and curation, which has positively impacted user growth and advertiser engagement [3] - Continued investment in visual search capabilities has contributed to the strength in user growth and advertiser performance [4] Market Data and Key Metrics Changes - Pinterest has positioned itself as a vital partner for advertisers across various categories, leveraging its high intent user base to drive sales [3] Company Strategy and Development Direction - The company is committed to transforming user experience and enhancing platform actionability, which aligns with its long-term strategy [3] - Pinterest aims to deliver innovative user experiences while maintaining a positive online environment [3] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of Pinterest, highlighting the ongoing support from employees, users, advertisers, partners, and stockholders [5] - The company believes that its strategic priorities are yielding strong growth and profitability [4] Other Important Information - The meeting included formal business items such as the election of directors and the approval of compensation for executive officers, all of which were approved as per the board's recommendations [11][13] - The company plans to announce official voting results in a Form 8-K after verification [14] Q&A Session Summary Question: No questions were raised during the Q&A session - There were no questions submitted by stockholders during the Q&A portion of the meeting [16]

Core Viewpoint - Pinterest has shown strong financial results and growth potential, driven by strategic investments in technology and user engagement, despite facing some macroeconomic challenges [1][14]. Financial Performance - Pinterest's overall revenue increased by 16% year over year to $855 million, surpassing the consensus estimate of $847 million [11]. - Adjusted EBITDA rose by 36% year over year to $172 million, while adjusted earnings per share increased by 35% to $0.23 [12]. - The company forecasts Q1 revenue between $960 million and $980 million, indicating a year-over-year growth of 12% to 15%, which is above the analyst consensus of $966 million [12]. User Engagement and Growth - Monthly active users (MAUs) grew by 11% to 570 million, with significant increases in the "rest of world" segment, which saw a 14% rise to 320 million users [8]. - Average revenue per user (ARPU) increased by 5% year over year to $1.52, with notable regional differences: ARPU in the U.S. and Canada rose by 8% to $6.54, while European ARPU surged by 17% to $1 [9]. Strategic Initiatives - CEO Bill Ready has focused on making Pinterest a more shoppable platform, enhancing its resilience and monetization capabilities [4]. - The company is leveraging artificial intelligence to improve visual search and user recommendations, aiming to enhance user experience and engagement [5]. - Pinterest is enabling advertisers to run full-funnel campaigns, integrating AI tools to boost lower funnel conversions through its new Performance+ solution [6]. Market Opportunities - Pinterest is successfully expanding its lower funnel shopping strategies in international markets, with revenue from catalog shopping ads increasing significantly [10]. - The company is addressing macroeconomic challenges, such as tariffs affecting spending from Asia-based e-commerce retailers, by shifting focus to other regions [13]. Valuation and Investment Potential - Pinterest's stock is trading at a forward price-to-earnings (P/E) ratio of about 18 based on 2025 analyst estimates, suggesting it is undervalued [15]. - Given the company's transformation and growth opportunities, it is considered a potential buy at current stock levels [17].

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $855 million, reflecting a 16% year-over-year increase [5][34] - Adjusted EBITDA grew to $172 million, with an adjusted EBITDA margin of 20%, an increase of 300 basis points year-over-year [6][37] - The company ended the quarter with cash, cash equivalents, and marketable securities totaling $2.6 billion [37] Business Line Data and Key Metrics Changes - Monthly Active Users (MAUs) reached 570 million globally, representing a 10% growth year-over-year [5][32] - Revenue from the U.S. and Canada was $663 million, growing 12% [35] - Revenue from Europe was $147 million, growing 24% on a reported basis [35] - Revenue from the rest of the world was $45 million, growing 49% on a reported basis [36] Market Data and Key Metrics Changes - Ad impressions grew by 49% year-over-year, while ad pricing declined by 22% [36] - The international mix shift contributed to the decline in ad pricing, as ads were served in previously unmonetized markets [36][74] Company Strategy and Development Direction - The company aims to enhance user engagement through improved visual search capabilities and AI-driven personalization [8][12] - The strategy focuses on becoming a shopping destination, with 85% of MAUs accessing the mobile app [7] - The company is expanding its lower funnel ad offerings and enhancing the Performance Plus suite to drive advertiser value [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the business and the effectiveness of product investments made over the past three years [38] - The company anticipates Q2 revenue in the range of $960 million to $980 million, representing 12% to 15% growth year-over-year [38] - Management noted that while there are pockets of spend impacted by tariffs, the fundamentals of the business remain strong [46][47] Other Important Information - The company is focusing on privacy-centric measurement tools and has entered partnerships to improve performance measurement [26][70] - The company reported that 25% of its code is now generated through AI, which has improved engineering velocity and productivity [32][88] Q&A Session Summary Question: Guidance for Q2 and pipeline observations - Management noted that trends remain healthy and that product investments are driving performance gains for advertisers [45][46] Question: Progress on Performance Plus and advertiser receptivity - Management highlighted that Performance Plus is driving strong performance and that 80% of campaigns outperform traditional campaigns [60][61] Question: Impact of macro volatility on ad spend - Management indicated that the full funnel approach is helping advertisers tie upper and lower funnel objectives, leading to better performance [78][80] Question: Update on emerging verticals and AI-generated code - Management discussed growth in financial services and other emerging verticals, emphasizing the platform's fit for advertisers during key life moments [85][88]

Core Insights - Pinterest reported Q1 revenue of $855 million, exceeding analyst expectations of $846.3 million [1] - The monthly active user count for Q1 was 570 million, significantly higher than the analyst forecast of 163.9 million [1] - The average revenue per user (ARPU) for Q1 was $1.52, slightly above the expected $1.50 [1] - For Q2, Pinterest expects revenue between $960 million and $980 million, compared to analyst expectations of $963.7 million [1] - The anticipated revenue growth for Q2 is projected at 12%-15% [1] - Adjusted EBITDA for Q2 is expected to be between $217 million and $237 million, while analysts forecasted $237.4 million [1] - Following the earnings report, Pinterest's stock rose by 7.68% in after-hours trading, later increasing to 11.81% [1]