Digital Transformation Ecommerce Influencer Marketing

Pinterest’s Q2 results show strength of e-commerce amid ad slump


By Chris Sutcliffe | Senior reporter

August 2, 2022 | 4 min read

Pinterest’s investment in its e-commerce offering has helped it outperform amid a run of disappointing tech company results.

A range of jackets in a shop window, demonstrating the potential for intent-based e-commerce

Investment in intent-based e-commerce tools helped Pinterest hit expectations / The Nix Company

In its Q2 results for the year, the company posted better-than-expected results despite facing much of the same underlying advertising issues that have hit its contemporaries.

Chief financial officer Todd Morganfeld reported that Pinterest has around 1bn shoppable products on its platform due to partnerships with Shopify and WooCommerce, among others. He stated that although Pinterest is seeing a softening in advertising demand from CMG and mass market brands, that was compensated for by overall growth in international advertisers.

Revenue was up 9% on the previous year globally. While Europe and Rest of World saw performance increases of 10% and 71% respectively (Rest of World still accounts for a small proportion of overall revenue), the US and Canada only delivered a 7% increase in revenue growth. Its Global Monthly Active Users (MAUs) decreased 5% year-on-year to 433 million, while its net loss was $43m for Q2.

The release states: “Our current expectation is that Q3 2022 revenue will grow mid-single digits on a year-over-year percentage basis, which takes into account slightly greater foreign exchange headwinds than in Q2 2022. We expect our Q3 2022 non-GAAP operating expenses to grow low double digits percent quarter-on-quarter.”

At the start of the year Pinterest’s director of business marketing Visha Naul said that the business was looking to capitalize on social commerce. She argued that the company was in a position to do so better than competitors because of its wealth of trend data and – more importantly – its ‘idea to buy’ pipeline: “Pinterest is really in a good place right now to sort of leverage the ’idea to buy’ funnel, and that is what we all really want. And we’re also seeing different types of brands really leverage that and open the aperture when it comes to flexing their creative muscle.”

Its own research demonstrated that shoppers who visit Pinterest weekly outspend non-users by two times every month and have an 85% larger basket size. During the earnings call its chief executive officer Bill Ready said: “When we talk about going from inspiration and intent to action, there are a lot of different ways we can take people to action ... Some of the efforts I’ve seen across the industry can at times get hung up on, ‘did you complete a purchase on the platform?’”

Pinterest’s partner Shopify’s 2022 research also backed that up, noting that intent to buy was the primary factor in an e-commerce platform’s revenue success: “With privacy laws that limit marketers’ ability to target ads and consumers who are better at blocking ad interruptions, it’s becoming tougher to get a decent return on advertising spend. The cost per click for paid search ads increased by 15% between the second and third quarters of 2021 alone.”

Pinterest’s stock rose around 18.6% in after-hours trading on the back of the results.

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