A：For the first quarter ended March 31, 2026, Pinterest reported more than $1 billion in revenue, an 18% year over year growth, and an adjusted EBITDA of more than $207 million.

A：Pinterest offers a unique value proposition by providing a visual search and discovery experience where users can find what they want and take action in the real world, powered by a large image corpus and a proprietary data set that solves problems that text-based general-purpose search engines were never built to address.

A：AI is driving user growth and engagement by improving personalization and curation within visual search and discovery, leading to more relevant and personalized experiences for users. This results in higher relevance, deeper engagement, increased retention, and users returning with higher intent. AI investments have led to a 10 straight quarters of double-digit user growth.

A：Penre is Pinterest's proprietary generative retrieval system trained on user activity and the taste graph, allowing for personalized results across all surfaces. It has improved search fulfillment by approximately 180 basis points and reduced CPA and CPC for advertisers, especially on search surfaces where over 72% of impressions occur.

A：The update to the prior of search ranking model has extended user context windows within search 30 fold, using up to 16,000 user actions over a two-year period to inform search results. This has led to improvements in search fulfillment by approximately 70 basis points and saved by approximately 390 basis points.

A：Canvas is an in-house AI image generation model trained exclusively on Pinterest data that supports high visual quality and aesthetics at a lower cost compared to third-party models. It is used to build experiences that meet user and advertiser expectations while enabling dynamic editing of backgrounds and lifestyle images, with plans to expand support for real-time, high-fidelity image editing.

A：AI capabilities are contributing to better advertiser performance through the performance ad suite, which is focused on driving adoption of Pinterest Performance Plus campaigns. These campaigns include automated features for bidding, budgeting, targeting, and creative to reduce costs per action (CPA) and costs per click (CPC) for advertisers.

A：In the future, Pinterest plans to expand pilots with large, sophisticated advertisers to enable their proprietary in-house measurement systems to dynamically respond to specific definitions of a successful outcome. This is to ensure the platform can capture the value generated for advertisers and connect it to their measurement tools and bidding systems.

A：The acquisition of TVScientific was aimed at extending Pinterest's consumer intent signal and audiences beyond owned and operated properties to power high-performing CTV campaigns. Early results from integrating Pinterest audiences and signals with TVScientific's buying platform have been encouraging, showing significant increases in audience reach and sales for a leading home furnishings omnichannel retailer.

A：The company plans to integrate TV scientific capabilities directly into Pinterest performance and turn Pinterest into a full funnel search, social, and CTV performance solution. Additionally, it is making key changes in leadership, improving accountability across the sales force, and adopting internal AI tooling to drive more performance and revenue.

A：The company is sharpening its coverage model to position sellers closer to clients with higher engagement expectations, evolving sales incentive structures to drive accountability, and integrating internal advertiser conversion signal quality into performance measurement. It is also rolling out a globally consistent merchant playbook and aligning the sales incentive structures to performance and measurement solutions.

A：The three broader themes of the company's ongoing Go to market work are broadening the revenue base, increasing the consistency of global go to market execution, and strengthening the measurement foundation.

A：Pinterest is unique in helping people not just discover ideas but also act on those ideas in the real world. It assists users in transforming inspiration into actionable steps, such as planning a child's birthday party or organizing a garage.

A：Pinterest is creating a more positive platform, focusing on time well spent rather than just time spent. It has made accounts for users under 16 private, supported efforts like 'Phone Free Schools' and app store age verification, and applied AI to prioritize positivity.

A：The purpose of the new brand campaign launched by Pinterest is to communicate its differentiation in the market, targeting Gen Z and millennial audiences across various channels. The campaign reinforces the message that the best thing users can find online is a reason to live their lives offline.

A：The first quarter financial results include over $1 billion in revenue, growing 18% year over year, with a strong focus on monetizing the platform's engagement. The company repurchased roughly $2 billion of stock and has a remaining share repurchase program amount of $2 billion. For the second quarter, revenue is expected to grow 14% to 16% year over year, adjusted EBITDA is expected to be in the range of $256 million to $276 million, and non GAAP cost of revenue is expected to grow by mid single digits percent compared to Q1.

A：In 2026, modest headwinds from cost of revenue as a percentage of revenue are expected due to investments in areas such as additional GPU capacity and the inclusion of TV scientific. Adjusted EBITDA margins for the full year are expected to be around 29%, including a 100 basis point drag from TV scientific.

A：The drivers of upside in Adjusted EBITDA include continued revenue growth and better performance from the largest retail advertisers, with AI-driven platform improvements offsetting headwinds later in the quarter. Linking AI bidding systems directly to advertisers' measurement sources of truth is an initiative that is showing strong early results and is planned to be scaled to additional large advertisers.

A：The contribution of TV scientific in Q1 was broadly in line with updated guidance given in mid-to-late February. For Q2, despite changes in FX, revenue growth guidance is roughly consistent with Q1 on a constant currency basis. In the core market of Youpin, double-digit growth is expected to be repeated in Q2.

A：Factors expected to moderate international growth include deliberate leadership and structural changes to the international go-to-market organization, such as the appointment of a new head of international, and the lapping of more difficult comparisons in rest of world and Europe due to the ramping of resellers and elevated cross-border flows last year. The organization's realignment is aimed at improving performance visibility and operational rigor, and it is part of the strategy to fully capture the long-term international opportunity.

A：Lee's focus area is on addressing the scale and complexity of the business to broaden the revenue base across performance, mid-market, small business, and international segments. Changes being made to support performance and operational rigor include bringing more accountability and consistency, AI tool adoption, leadership changes, resource restructuring, and improving measurement and technical selling capabilities.

A：The conflict in the Middle East is having a small dollar-based impact on revenue, isolated to certain verticals affected by higher oil prices, and is primarily seen in the rest of world and to a lesser extent in Europe. This impact has been factored into the Q2 guidance range.

A：Pinterest Performance Plus, launched approximately a year ago, is a product designed to serve smaller advertisers. The company expects this to be a multiyear cycle similar to larger platforms with AI-driven automation. Early adoption has led to 30% of lower funnel revenue running through Performance Plus campaigns, and while there is room to grow adoption and improve performance, significant development is still needed.

A：Pinterest sees mid-market enterprise and international as early opportunities. The company made a good start in both areas last year and is now focused on building teams, processes, and go-to-market motions to serve a broader set of advertisers at scale, which is different from the level of operational rigor required for smaller groups of large retailers.

A：Pinterest's approach to visual search and discovery is specialized and offers a unique user experience, particularly for consumer search. The platform has carved out a specialized use case for visual search and shopping, providing relevant, personalized recommendations before users know what they are looking for, connecting these to real products for action. This focus on visual discovery and shopping is distinct from general-purpose AI chatbots like ChatGPT and is supported by user data showing a significant skew towards commercial intent on Pinterest compared to 2% for ChatGPT.

A：While it's too early to talk about specific 2027 margins, Pinterest reiterates its long-term targets of 30% to 34% adjusted EBITDA margin. The company aims to achieve these targets in the medium term, and progress has been made towards these goals, aiming for 29% this year, excluding the impact of certain events. The focus remains on achieving these targets, and further clarity will be provided later in the year.

A：The core levers for continued user engagement include leveraging AI for better personalization and relevance, ongoing improvements to the platform, and unique curation behavior that differentiates Pinterest. The platform has experienced double-digit user growth, high user activity, and a significant skew towards commercial searches. User engagement is expected to continue growing as Pinterest becomes an AI-powered shopping assistant with a primarily visual interface. The company anticipates further growth across generations and continues to prioritize safety and positivity, which resonates particularly with Gen Z. The unique curation behavior on Pinterest provides a signal that can be used to train AI, enabling a highly personalized user experience.

A：The sales reorganization strategy has shifted focus to a more detailed approach, catering to different types of advertisers including large enterprises, mid-market advertisers, and Small and Medium Businesses (SMB). Previously, the company had a regional focus and primarily served large CPG and retailers. With the build-up of user engagement, the company realized the need to have specific efforts and different sales and go-to-market approaches for each segment of advertisers.

A：Although the number of clicks sent to advertisers has increased more than 5x over the past three years, the monetization has not increased at the same rate, indicating there is significant untapped potential for increasing revenue and driving shopping activity.

A：Pinterest Assistant was launched in beta in Q4 of the previous year, and the company is being intentional and taking time to get product-market fit right, incorporating important learning into the core user experience, avoiding false starts similar to other companies in the space.

A：The company has materially advanced the capability of the underlying model powering the Pinterest system over the past few months, due to advancements in the open source model and their ability to post-train the model with unique proprietary data, integrating it into a suite of in-house models. This has enhanced the personalization of shopping assistance and is growing the company's excitement about solving more of the shopping journey while connecting users to advertisers.

A：The company's approach involves building compact, fit-for-purpose models trained on proprietary data for unique and core use cases like visual understanding. This approach produces better results at lower costs compared to using large, generic models. They also use suitable open source models and train them with private proprietary data to leverage the unique feedback loop from their platform, offering advantages in security, latency, performance, and cost.

A：The company is using its unique data and AI advancements to provide better outcomes and a more positive experience for users. An example of this is the partnership with TV science, where the integration of Pinterest data with their algorithm led to a 27% increase in outcomes and a 65% increase in purchases. The company aims to continue leveraging AI to offer a healthier social media experience and to enable brands to gain customers, not just transactions.

A：The company supports the push for online safety for young people and believes that prioritizing safety and well-being leads to better business outcomes. They have implemented features such as making accounts private by default for users under 16, supported phone-free schools and apps for age verification, and applied AI to prioritize positivity. The company welcomes regulatory discussions and has actively participated, receiving recognition for their proactive stance. They are hopeful for continued advancement in this dialogue for the sake of young people.

A：In the first quarter, revenue growth was driven by improved attribution modeling and alignment with how advertisers see value in outcomes. The company is excited about the deployment of AI and measurement integrations with partners, which are expected to capture more of the value created. For the second quarter, the company is not providing guidance but is optimistic about the progress against plans and aims to consistently meet mid to high teens revenue growth targets.

A：The TV scientific initiative represents a move towards leveraging the company's unique audience beyond the app and into connected TV (CTV). This initiative has shown promising results, with a 27% increase in outcomes and a 65% increase in purchases when the Pinterest audience was added to TV scientific algorithms. The company sees more potential in CTV and is excited about the prospect of using their audience for broader advertising opportunities.