由于第四季度营收及未来指引不及市场预期，加之市场对其面临的人工智能（AI）颠覆风险的担忧日益加剧，Pinterest 股价在周五盘前交易中遭 遇重挫。 在公布最新财报之前，该公司股价在过去一年中已累计下跌 52%。这家视觉搜索与发现平台周四晚间公布的数据显示，第四季度营收录得 13.2 亿 美元，未能达到 Visible Alpha 调查分析师预期的 13.3 亿美元。Jefferies 分析师指出，公司对第一季度营收 9.51 亿至 9.71 亿美元的展望同样令市场 感到失望。截至发稿，Pinterest 股价在盘前交易中下跌 20%。 本周美股市场对任何显露 AI 颠覆迹象的公司均采取了严厉的抛售态度，Pinterest 此次业绩发布正值这一动荡时刻。投资者与分析师最主要的担忧 在于，AI 技术正在整合"发现"与"购买"这两个环节，可能消除对 Pinterest 这类中间平台的需求，而"发现"正是 Pinterest 的核心优势领域。 尽管公司首席执行官 Bill Ready 强调 AI 将是未来核心战略，并试图通过差异化定位来安抚市场，但分析师警告称，Pinterest 面临的 AI 风险并非 远期假设 ...

Revenue also varied by region. UCAN revenue was $979 million , up 9% , while Europe revenue was $245 million , up 25% reported (or 18% constant currency), and Rest of World revenue was $96 million , up 64% on both a reported and constant-currency basis. Donnelly said Europe growth was “lower than our expectations,” citing a “second-order effect” from certain large global retailers pulling back ad spending in Europe as they recalibrated budgets due to tariff and margin pressures.For the fourth quarter of 202 ...

Pinterest (NYSE:PINS) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsAndrew Somberg - VP of Investor Relations and TreasurerBill Ready - CEOBrian Nowak - Managing DirectorEric Sheridan - Managing DirectorJulia Donnelly - CFORon Josey - Managing DirectorConference Call ParticipantsColin Sebastian - Baird logo Managing Director and Senior Research Analyst for Internet and Digital MediaDoug Anmuth - Managing Director and Internet AnalystJustin Patterson - Managing Director and Equity R ...

Financial Data and Key Metrics Changes - In Q4 2025, global revenue reached $1.319 billion, reflecting a 14% year-over-year increase or 13% on a constant currency basis [32] - Adjusted EBITDA for Q4 was $542 million, with an Adjusted EBITDA margin of 41%, up 20 basis points year-over-year [34] - Free cash flow for the full year 2025 increased by 33% to $1.25 billion, representing a free cash flow conversion of 99% [35] Business Line Data and Key Metrics Changes - The U.S. and Canada region generated $979 million in revenue, growing 9%, while Europe saw revenue of $245 million, growing 25% [32][33] - Revenue from the Rest of World markets was $96 million, growing 64% [33] - Ad impressions grew by 41% in Q4, but ad pricing declined by 19% year-over-year due to a mix shift towards under-monetized international markets [33] Market Data and Key Metrics Changes - Global monthly active users (MAUs) reached 619 million, up 12% year-over-year, marking the tenth consecutive quarter of record-high users [31] - The U.S. and Canada region had 105 million MAUs, growing 4%, while Europe had 158 million MAUs, growing 9%, and the Rest of World markets had 356 million MAUs, growing 16% [31] Company Strategy and Development Direction - The company aims to broaden its revenue mix and accelerate sales transformation, focusing on mid-market and SMB advertisers [8][22] - AI is positioned at the core of the company's strategy, enhancing user experiences and optimizing internal operations [9][16] - The acquisition of tvScientific is intended to leverage high-intent audiences beyond Pinterest's own surfaces, expanding monetization opportunities [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed dissatisfaction with Q4 revenue performance, attributing it to external factors like tariffs affecting ad spend from large retailers [7][17] - The company is focused on improving monetization to reflect user engagement strength, with plans to enhance sales and go-to-market strategies [19][20] - Management remains optimistic about long-term growth potential, emphasizing the need for execution improvements to match user engagement with revenue [29][42] Other Important Information - The company has made significant progress in expanding its Taste Graph, which grew by nearly 40% in 2025, enhancing content relevance and recommendations [13] - Approximately 50% of new code is AI-generated, reflecting the company's commitment to leveraging AI for operational efficiency [16] Q&A Session Summary Question: Can you talk more about the drivers of Q4 revenue and the Q1 guidance? - Management noted that larger retail advertisers created a headwind in Q4 as they pulled back on ad spend, impacting revenue more significantly due to the current revenue mix [47] Question: How is the new go-to-market team likely to drive wallet share and digital advertising for Pinterest? - The new team is focused on broadening revenue, particularly across mid-market and SMB advertisers, and enhancing measurement and technical capabilities within the sales organization [53][56] Question: Can you discuss the necessary tech investment to broaden the advertiser base? - Management indicated that significant tech investment is required to deepen the advertiser base and enhance performance selling capabilities, particularly for SMBs [59][64]

Financial Data and Key Metrics Changes - In Q4 2025, global revenue reached $1.319 billion, reflecting a 14% year-over-year increase or 13% on a constant currency basis [31] - Adjusted EBITDA for Q4 was $542 million, with an Adjusted EBITDA margin of 41%, up 20 basis points year-over-year [33] - Free cash flow for the full year 2025 increased by 33% to $1.25 billion, representing a free cash flow conversion of 99% [34] Business Line Data and Key Metrics Changes - The company ended Q4 with 619 million global monthly active users (MAUs), a 12% increase year-over-year, marking the tenth consecutive quarter of record-high users [30] - In Q4, ad impressions grew by 41%, while ad pricing declined by 19% year-over-year, primarily due to a mix shift from growing ad impressions in under-monetized international markets [32] - Revenue from the US and Canada was $979 million, growing 9%, while Europe saw revenue of $245 million, growing 25% [31] Market Data and Key Metrics Changes - The US and Canada region had 105 million MAUs, growing 4%, Europe had 158 million MAUs, growing 9%, and the rest of the world had 356 million MAUs, growing 16% [30] - Revenue from the rest of the world was $96 million, growing 64% on a reported and constant currency basis [32] Company Strategy and Development Direction - The company aims to broaden its revenue mix and accelerate growth with mid-market, SMB, and international advertisers, moving away from a heavy reliance on large retailers [19][21] - The introduction of new leadership, including a Chief Business Officer, is expected to enhance monetization efforts and sales execution [20] - The company is focused on leveraging AI to improve user experiences and optimize internal operations, with AI at the core of its strategy [7][16] Management's Comments on Operating Environment and Future Outlook - Management expressed dissatisfaction with Q4 revenue performance, attributing it to external factors such as tariffs affecting ad spend from top retail advertisers [5][17] - The company anticipates continued headwinds in Q1 due to the same dynamics impacting large retailers and is undergoing a sales and go-to-market transformation [44] - Management remains optimistic about long-term growth potential, citing strong user engagement and the need to close the monetization gap [66][74] Other Important Information - The company has made significant progress in AI initiatives, with approximately 50% of new code being AI-generated [16] - The acquisition of tvScientific is expected to enhance monetization opportunities beyond Pinterest's own surfaces [24] Q&A Session Summary Question: Can you talk more about the drivers of Q4 revenue and the Q1 guidance? - Management noted that larger retail advertisers created a headwind in Q4 as they pulled back on ad spend, which is expected to continue into Q1 [43][44] Question: How is the new go-to-market team likely to drive wallet share and digital advertising for Pinterest? - The new team is focused on broadening revenue and improving performance selling capabilities, particularly among mid-market and SMB advertisers [48][49] Question: What tech investment is necessary to broaden and deepen the advertiser base? - Management indicated that significant tech investment is needed to enhance measurement and attribution capabilities, which are crucial for attracting a broader advertiser base [55][61]

Core Insights - Pinterest, Inc. (PINS) is set to report its fourth-quarter 2025 results on February 12, 2026, with expectations of revenue growth driven by increased user engagement and new AI-powered advertising initiatives [2][10] - The company reported earnings of 38 cents per share in the last quarter, with a consensus estimate for the upcoming quarter's total revenues at $1.33 billion, up from $1.15 billion year-over-year [2][7] Group 1: User Engagement and AI Initiatives - Pinterest introduced Pinterest Assistant, a visual-first shopping and discovery tool that personalizes user experiences by learning from their activity [3] - New features were launched to allow users to control the amount of generative AI content in their feeds, aiming to enhance transparency and user choice [4] Group 2: Advertising Expansion - Pinterest has signed an agreement to acquire tvScientific, a company specializing in connected TV advertising, which will enable Pinterest to extend its advertising capabilities to television [5] Group 3: User Metrics and Financial Expectations - Estimated average revenue per user (ARPU) for the U.S. and Canada is projected at $9.15, while Europe's ARPU is estimated at $1.61 [6] - Monthly active users (MAUs) are expected to reach 106.1 million in the U.S. and Canada, 157.9 million in Europe, and 351.1 million in the rest of the world [6] Group 4: Earnings Predictions - The consensus estimate for adjusted earnings per share for the upcoming quarter is 66 cents, an increase from 56 cents reported in the previous year [7] - Pinterest's Earnings ESP is -3.64%, indicating a lower likelihood of an earnings beat this quarter, with a Zacks Rank of 3 [8][9]

Group 1 - Pinterest is laying off up to 675 employees, which accounts for less than 15% of its workforce, as part of a shift towards artificial intelligence [1][3] - The company plans to reallocate resources to AI-focused teams and prioritize the development of AI-driven products and features [3] - The layoffs are expected to be completed by September 30, 2026, contributing to the growing number of individuals displaced by AI, projected to reach nearly 55,000 by 2025 according to Challenger, Gray & Christmas [3] Group 2 - Pinterest is restructuring its sales and marketing strategies, indicating potential areas that may be affected by the layoffs [3] - The company has received praise for being the first major social platform to offer users the option to filter AI-generated content, responding to user feedback regarding low-quality images [3] - Pinterest has recently launched "Pinterest Assistant," an AI-based shopping tool, and there have been rumors about a potential acquisition by OpenAI, although no substantial reports have confirmed this [4]

Core Insights - Pinterest is laying off approximately 15% of its workforce, which translates to about 700 employees, as part of a restructuring plan focused on artificial intelligence [1][2][3] - The company aims to shift resources towards AI-focused roles and prioritize AI-powered products and capabilities [2][3] - Pinterest plans to complete this restructuring, which includes scaling back office space, by the end of the third quarter [3] Company Strategy - The restructuring is part of Pinterest's transformation initiatives, moving from a digital mood board to an "AI-powered visual-first shopping assistant" [3] - AI is now integral to nearly every aspect of Pinterest's platform, enhancing search, discovery, and shopping recommendations [3][4] - The introduction of the Pinterest Assistant aims to help users find products and ideas that align with their preferences, making the platform more actionable [4] Industry Context - Pinterest's layoffs are part of a broader trend in the tech industry, with other companies like Amazon and Meta also announcing significant job cuts to focus on AI and other strategic areas [5][6]

Core Insights - Pinterest plans to reduce its workforce by less than 15%, translating to fewer than 780 positions, to focus on artificial intelligence roles and strategy [1][3] - The company's stock fell nearly 10% following its AI strategy announcement, indicating a lack of investor enthusiasm amid competition from TikTok and Meta-owned platforms [1][5] - Analysts suggest that the layoffs appear more defensive than strategic, lacking clear cost savings or a defined path to AI-driven revenue growth [2][7] Company Actions - Pinterest had 5,205 full-time employees as of September last year, and the job cuts will also involve closing smaller office spaces related to acquisitions [3] - The company expects pre-tax restructuring charges between $35 million and $45 million and aims to complete the restructuring plan by the end of the third quarter [7] Industry Context - Other companies, such as Autodesk, are also cutting jobs (7% of its workforce) to redirect investments towards AI initiatives, reflecting a broader trend in the tech industry [4] - The job cuts in the tech sector are part of a larger pattern, with over 123,000 employees laid off from 269 companies in 2025, as tracked by Layoffs.fyi [8]

Core Viewpoint - Pinterest announced a 15% workforce reduction to cut office space costs and reallocate resources towards AI projects [1][3] Group 1: Workforce Reduction - The company plans to complete the layoffs by the end of September, primarily to prioritize the development of AI-driven products and reassign resources to AI-focused roles and teams [3] - Approximately 700 employees will be affected, as Pinterest currently employs 4,666 full-time staff globally [3] Group 2: AI Initiatives - Pinterest recently launched the "Pinterest Assistant" AI tool to assist users with shopping suggestions and content recommendations [3] - The company is also planning to test AI-driven personalized board features [3] - CEO Bill Ready highlighted the potential of open-source AI models to help control costs during the last earnings call [3] Group 3: Financial Impact - The layoffs are expected to incur a pre-tax restructuring cost of $35 million to $45 million (approximately 244 million to 313 million RMB) [3]