The leading social media platform has highlighted a slow but steady increase in the likes of users as well as revenue while building up further on different offerings.
For starters, the company has gone on to add 5 million more users and most of them hailing from the likes of Europe. This took place during the latter part of 2022. And clearly, it’s a change that many people in the firm are going to welcome for obvious reasons.
"Q4 revenue grew 4% year over year to $877 million. 2022 revenue increased 9% year over year to $2,803 million." reveals Pinterest in its latest press release. Adding that "Global Monthly Active Users (MAUs) increased 4% year over year to 450 million."
Remember, the tech giant had reported a lot of users during the start of 2021 and that’s when the whole pandemic boom in eCommerce began to take center stage. Moreover, this is also where Pinterest surged with record-high figures in terms of its own users.
Meanwhile, so many analysts as well as businesses appeared to be super convinced that the boost due to COVID in the world of shopping online would stay, despite the pandemic coming to an end. Furthermore, this is what caused several other big names in the industry like Amazon, Google, and Meta to churn out huge investments to bring about major commerce solutions.
Sadly, most of the employees that happened to be looking after these departments were pulled out due to massive lay-offs to cut down on costs amid the economic downturn. After all, physical stores were opening and people were going back to their usual shopping trends as compared to continue relying upon different options seen online.
Pinterest really felt the heat over there and now, it’s working twice as hard to bring back losses encountered and increase the momentum by refining solutions linked to various shopping behaviors and that entails video content as well.
We have to say that one of the biggest winners in this aspect is the Idea of Pins, stories, and the display seen full-screen. The clear emphasis on such formats assists in boosting the app’s overall appeal with the younger lot as Pinterest reports how Generation Z is one of the quickest-growing demographics on the app. Figures went up by double digits YoY.
And the platform also reports sessions from Generation Z growing at a faster pace than those seen with older demographics. More than half of the video content set out on the platform was also pinned during this quarter by users of the Gen Z subgroup.
by Dr. Hura Anwar via Digital Information World
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