Pinterest, Inc.
Communication Services · Interactive Media & Services
Structural: $PINS sits at the intersection of social and commerce - a visual search engine with declared shopping intent, monetized via auction-based ads. MAU base ~537M with Gen Z the fastest-growing cohort; international users are ~80% of MAUs but historically <20% of revenue, leaving a multi-year ARPU convergence lever as Performance+ and direct-response inventory roll out ex-US.
- Performance+ (AI bid + creative automation) lifts advertiser ROAS, pulling Meta/Google budget into the auction
- International ARPU at ~$0.30-0.40/qtr vs US ~$7+; closing even 1/3 of the gap is multi-billion incremental revenue
- Gen Z is now the largest cohort and most engaged with shopping surfaces (collages, body-type filters)
- Amazon ads partnership routes third-party demand into low-fill intl inventory at attractive take rates
- Operating leverage: headcount flat, gross margin ~80%, FCF compounding
- Ad budgets cyclical - $META and $GOOGL absorb downside first, $PINS second-tier in DR auctions
- TikTok Shop and $RDDT compete for the same discretionary "discovery commerce" budget
- MAU growth lumpy quarter-to-quarter; any flat print gets punished given valuation
- Performance+ adoption still early - if ROAS lift disappoints, the budget-share thesis weakens
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