Pinterest CEO on user growth: 'Gen Z is our fastest-growing cohort'
Pinterest CEO Bill Ready told CNBC's Jim Cramer its Tuesday earnings report showed that the company is seeing significant user growth, especially among its Generaton Z users.
"Most noteworthy, it was our best user growth quarter in more than two years," Ready said. "Gen Z is our fastest-growing cohort, and they're engaging more deeply than prior cohorts."
Pinterest reported $708 million in revenue, topping $696 consensus estimates along with earnings of 21 cents per share, adjusted, versus 12 cents expected, according to Refinitiv. Sales in the company's second quarter jumped 6% year over year, while net losses narrowed by 19% to $35 million, or 5 cents per share, from $43.1 million, or 7 cents per share, a year earlier.
Pinterest was originally created as an image sharing and social media service in which users could save "pins," images or links from websites, as well as upload their own. Users could then create Pinterest boards, or collections of pins, to share with others.
Ready, who took the helm a year ago, is leaning into the company's commercial side. According to Ready, Pinterest is unique compared to other social media sites because most users come to the platform with clear commercial intent. Ready said that bringing more "shoppable content" onto Pinterest has boosted engagement.
"More than half of the users on Pinterest say they're there to shop, but the actionability on Pinterest was low," Ready said. "As we're bringing that shoppable content onto Pinterest, we're finding that it's really driving great engagement."
Source: CNBC
