First, as I mentioned last quarter, we’re focused on growing monetization per user. One, growing monetization and engagement per user two, integrating shopping into the core of the product experience three, improving operational rigor and therefore, margin expansion and four, strengthening our leadership as a positive and brand-safe platform. These actions put us on the path to meaningful EBITDA margin expansion in 2023 and demonstrate our focus on generating strong cash flow.Īs we build upon the solid foundation we set in 2022, we’re laser focused on our four strategic priorities. We reduced our infrastructure spend, which declined sequentially, despite strong engagement volume increases, and we closed some of our smaller offices for future cost savings. For example, we significantly slowed the pace of hiring such that our headcount was flat quarter-over-quarter. We’re also increasing operational rigor and have taken actions to control costs in Q4. We remain confident in our long-term strategy in our ability to execute and drive value for users and advertisers. We’re pleased with our results this quarter despite headwinds from the softening ad market, which Todd will speak to later. For the full year we generated revenue of $2.8 billion, growing 9% or 11% on a constant currency basis. However, this strength was partially offset by CPG advertisers, as well as small and mid-market advertisers in the U.S., who faced headwinds from the macroeconomic environment. retail advertisers and international markets, excluding the impact of FX as these advertisers leaned into our full funnel platform during the holiday season. In Q4, we delivered revenue of $877 million growing 4% or 6% on a constant currency basis, roughly in line with our mid-single-digit guidance range. More importantly, sessions continue to grow significantly faster than users, demonstrating deepening engagement per user as we focus on driving greater per user monetization. and Canada mobile app users grew 5%, accelerating from last quarter. Our global mobile app users which account for over 80% of our impressions in revenue grew 14% and our U.S. We grew global MAUs in Q4 to 450 million, up both sequentially and year-over-year. I have strong conviction that we will continue to innovate and deliver value to our users and business partners. We built and shipped new ad-tech and measurement solutions that resulted in improved returns for our advertisers. We reinvested in our core product experience that led to deepening engagement and a return to user growth. I’m proud of our teams focus and execution over the past year and in particular, Q4. Hi everyone, and thank you for joining our Q4 earnings call. Lastly, all growth rates discussed in today’s prepared remarks should be considered year-over-year unless otherwise specified. A reconciliation of non-GAAP to GAAP measures is included in today’s earnings press release and presentation, which we are distributed and available to the public through our Investor Relations website located at. For more information, please refer to the risk factors discussed in our most recent Forms 10-Q or 10-K filed with the SEC and available on the Investor Relations section of our website.ĭuring this call, we will present both GAAP and non-GAAP financial measures. We are making these forward-looking statements based on information available to us as of today and we disclaim any duty to update them later unless required by law. In addition, our results, trends, and outlook for Q1 2023 and beyond are preliminary and are not an indication of future performance. Some of the statements that we make today regarding our performance, operations, and outlook may be considered forward-looking and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. Joining me today on the call are Bill Ready, Pinterest CEO and Todd Morgenfeld, our Chief Financial Officer and Head of Business Operations. I’m Neil Doshi, Head of Investor Relations for Pinterest. Welcome to the Pinterest earnings call for the fourth quarter and full year ended December 31, 2022. Good afternoon and thank you for joining us. I would now like to pass the conference over to your host Neil Doshi, Head of Investor Relations. My name is Hannah and I will be your moderator for today’s call. Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. Thank you for attending today’s Pinterest Inc. Lloyd Walmsley - UBS - Analyst Presentation: Rich Greenfield - LightShed Partners - AnalystĬolin Sebastian - Robert W. Morgenfeld - Chief Financial Officer, Head – Business Operations Analysts: Pinterest Inc ( NYSE:PINS) Q1 2023 Earnings Call dated Feb.
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