Pinterest has released its financial results for the quarter, a company press release says, with goals for the next year focused on expanding investments and its overall customers.
“Pinterest made good progress in Q1 executing on our long-term strategy. We continued to scale our native content and creators ecosystem, began beta testing Your Shop, our personalized shopping surface, and released our new open Pinterest API so that any developer can build applications for Pinners, creators, merchants and advertisers,” said Ben Silbermann, CEO and cofounder, Pinterest. “Despite a challenging macroeconomic and geopolitical environment, we grew revenue 18% year-over-year.”
The company says it thinks the revenue for Q2 will grow around 11% compared to the prior year.
The company says the full year will likely include ramping up investments in its content ecosystem, shopping and headcount overall.
The report says Pinterest’s biggest priorities this year include creator-led and inspirational content, shopping, Pinner experience and advertiser success.
The company says it wants to scale its content, and will continue research and development focus on shopping and ads. It also wants to boost its headcount and help out with more growth in the long run.
PYMNTS wrote that Pinterest used its annual advertiser summit to debut some new features like letting users compete purchases without leaving the app.
Read more: Pinterest Unveils Shopping Features, Shopify Checkout Integration
The event, called Pinterest Presents, saw the company saying it would let users complete transactions within the app, which was something users had wanted for a long time now. That will be accomplished through Checkout, the native tool available in beta for some U.S. merchants via Shopify.
Pinterest reportedly plans to use a new API to help with the uploading and updating of catalogs.
The company also plans to work with shopping persona Tan France, on the Your Shop feature, a personalized concierge offering custom commerce pages, which are based on users’ activities and preferences.
Pinterest also said monthly shoppers spent twice as much as what rival platforms’ customers did, with brands 16% more likely to make a sale.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More