The company's Monday earnings announcement beat expectations for earnings and revenue, and it included strong user engagement data.
For much of earnings season, the market has been skittish toward companies reliant on ad revenue due to the unclear future effects of the Israel-Hamas war.projections but saw its stock dip due to its wider guidance range for fourth-quarter revenue, after finance chief Susan Li said it "observed softer ads in the beginning of the fourth quarter."
Pinterest's mobile deep linking ad product was also a highlight, due to its more than 200% increase in the conversion rate, wrote the Barclays analysts. "As we enter 2024, we believe there are multiple catalysts ahead around engagement growth, ads innovation, the scaling of its Amazon partnership, and consistent margin expansion," Citi analysts wrote in a note to investors.Another tailwind for Pinterest is the growing number of Gen Z members using the app. Citi analysts noted that as of June 2023, Gen Z accounted for 42% of monthly active users, and younger users saved roughly twice as much content in their first year on Pinterest.
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