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Pinterest helps users discover ideas and products, save visual posts called Pins, and organize them into boards and collages. Searches and saves give Pinterest signals about users’ interests, which it uses to recommend relevant content and ads as users move from inspiration toward a purchase.
Brands, retailers and other advertisers pay to reach these users. Most buy ads through an auction that weighs how likely an ad is to prompt the desired response and how much that response is worth to the advertiser. Depending on the campaign, advertisers pay for exposure, video views, clicks or actions such as adding a product to a cart. Advertising supplies substantially all of Pinterest’s revenue.
A substantial share of revenue comes from a small group of advertisers, particularly in retail and consumer packaged goods, and most revenue comes from U.S. advertisers. Most advertisers make no long-term spending commitment. The business depends on keeping users engaged and showing advertisers that their campaigns work. Privacy laws and restrictions on using teens’ data limit how Pinterest can personalize ads and measure their results.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Pinterest’s results hinge on winning advertising budgets and shopping-related attention against these platforms and privately held TikTok, another rival named in its filing.
Meta Platforms’ Instagram and Facebook compete with Pinterest for visual discovery, user attention and advertisers paying to build awareness or drive customer actions. Watch Meta’s app advertising revenue; Pinterest warns that difficulty measuring ad-driven actions can push advertisers toward larger platforms such as Facebook.
Snap competes with Pinterest for brands’ and performance advertisers’ spending on visual mobile ads, where both must win attention and deliver customer actions. Watch Snapchat’s catalog-matched Dynamic Ads and their ability to deliver advertiser returns—the same spending test Pinterest faces with shopping ads.
Alphabet’s Google Search, Lens and YouTube compete with Pinterest for discovery activity and advertisers’ brand and performance budgets. Google’s Search and YouTube advertising revenue is worth watching: Pinterest says advertisers may favor Google when restrictions make ad-driven actions harder to measure.
Reddit competes with Pinterest for businesses paying to reach audiences grouped by their interests, with both using signals from activity on their own platforms. Watch how Reddit’s community and conversation data helps advertisers reach the right people and demonstrate returns, alongside Pinterest’s use of searches and saved Pins.
Amazon competes with Pinterest for shopping discovery and advertising, but Pinterest also depends on Amazon’s AWS for the vast majority of its computing and storage services. AWS hosts Pinterest’s website and app, so changes to its prices or service terms can hurt Pinterest’s results.
AppLovin competes with Pinterest for advertisers paying for measurable customer actions and returns; both use predictive systems to choose ads. Watch Axon Ads Manager’s ability to meet advertisers’ spending-return goals, since it generates substantially all of AppLovin’s revenue and competes for the budgets Pinterest seeks through clicks and purchases.
Criteo S.A. competes with Pinterest for brands’ and retailers’ spending on personalized ads that turn shopping intent into purchases. Watch its Retail Media business, which helps retailers earn advertising revenue and brands drive sales through ads on and off retailers’ sites.
The Trade Desk and Pinterest both depend on digital advertising spending, but The Trade Desk charges agencies and advertisers to buy campaigns through its platform, while Pinterest sells ad views and customer actions. Watch spending through The Trade Desk’s platform: its fees generally take a percentage of that spending, offering another view of advertiser demand rather than Pinterest’s own ad sales.
Meta Platforms, Inc. earningsMETA
Meta’s report will show whether advertisers are still paying to reach audiences and drive customer actions on a large platform, a market where Pinterest competes for ad budgets.
Watch the change in Meta’s app advertising revenue. Strength would show that a large platform is still attracting ad budgets, but would not mean Pinterest is winning that money; weakness could reflect tighter overall budgets or spending shifting toward Meta. Pinterest’s own revenue per user and ad impressions show whether it is turning its audience and ad effectiveness into revenue.
Amazon.Com Inc earningsAMZN
Amazon’s report will offer a view of AWS, which provides most of Pinterest’s computing and storage services.
Look at AWS cloud revenue and operating performance. Strong results would show that Pinterest’s key cloud supplier has a healthy business, but would not establish Pinterest’s prices or service reliability; weaker results would not prove a change in Pinterest’s contracted costs, but would make the supplier’s condition worth watching.
Pinterest, Inc. earningsThis company
Pinterest earns from advertisers paying for views and customer actions, and this report will show whether activity on its platform is turning into more ad revenue.
Read revenue per user alongside changes in users and ad impressions. If revenue per user rises as users and impressions grow, advertisers are paying for the audience and results Pinterest offers; if users and impressions increase but revenue per user does not keep up, added activity is not converting into ad revenue as effectively.
The Trade Desk, Inc. earningsTTD
The Trade Desk buys digital ads for advertisers and agencies, so its report offers another view of budgets that also fund Pinterest’s advertising business.
Watch ad spending through The Trade Desk’s platform. Rising spend would point to stronger demand for the campaigns it serves and potentially available budgets across digital advertising; falling spend could signal advertisers pulling back. This is not Pinterest ad sales: if Pinterest’s revenue does not keep pace, it may not be capturing the broader spending growth.
