The company is also leveraging next-generation AI technologies to surface more relevant and personalized content, improve ad relevance, and drive more intent to action. This includes using AI to recommend brands and products that align with individual user preferences. The use of AI has also contributed to an 8% global monthly active user growth to 465 million and increased user engagement. Despite beating earnings expectations for the quarter, Pinterest's stock dropped post-earnings due to Q3 guidance that missed the mark.
Key takeaways:
- Pinterest's partnership with Amazon is progressing faster than expected, with Pinterest users now being directed to Amazon to make purchases when they click on an Amazon ad on Pinterest.
- The company is using "next-generation AI technologies" to surface more relevant and personalized content, improve ad relevance, and drive more intent to action.
- Pinterest's move to next-gen AI has resulted in a 10-point increase in perceived relevance year-over-year to 94%, a 5% reduction in cost per action, and a 10% lift in click-through rates.
- Despite beating earnings expectations in Q2 2023 with revenue up 6% to $708 million, Pinterest's stock dropped post-earnings due to Q3 guidance that missed the mark.