Photo-sharing social media platform Pinterest on Tuesday said it now has 450 million monthly active users (MAUs) globally, growing 4 per cent year over year.
The company CEO Bill Ready said the global mobile app users, which account for over 80 per cent of the impressions and revenue, grew 14 per cent.
“Our US and Canada mobile app users grew 5 per cent, accelerating from last quarter. More importantly, sessions continued to grow significantly faster than users, demonstrating deepening engagement per user as we focus on driving greater per-user monetization,” he said during the company’s earnings call.
In Q4, the company delivered revenue of $877 million, growing 4 per cent, roughly in line with its mid-single-digit guidance range.
“Nearly half of all new videos pinned in Q4 were from Gen Z users. And in Q4, Gen Z sessions grew much faster than sessions from our other demographics. We remain focused on growing our supply of videos from multiple sources, including creators, brands, and publishers,” said the CEO.
Last quarter, Pinterest grew its supply of video content 30 per cent quarter over quarter, and recently announced a deal with Conde Nast Entertainment to create high-quality video content aligned with Pinterest’s key seasonal and cultural moments like fashion month, wedding season, summer, and back to school.
“Pinterest is unique because users come to our platform with intent, and we are one of the few places where people can go from seeking inspiration to fulfilling that intent through action,” said Ready.
Importantly, “while we’re seeing more than 10 per cent of our engagement is on video, it’s more than 30 per cent of our revenue is on short-form video,” he added.
Reports surfaced earlier this month that Pinterest is laying off about 150 employees amid cost-cutting measures. The move will affect less than 5 per cent of its workforce.