A：The company's key strategic priorities include building a differentiated visual search, discovery, and shopping experience for users; keeping AI at the core of everything, from user experience to ads platform and internal operations; and accelerating monetization through improved go to market and measurement capabilities.

A：The main idea behind Pinterest's brand campaign is the sentiment that the best thing you can find online is a reason to go offline. It signifies that people come to Pinterest with intent, find personalized inspiration, refine their style, and can take direct action from the platform.

A：AI has been central to the user momentum on the platform, transforming it into an AI-powered shopping assistant where every search a user sees is personalized. The early adoption of AI and its enabling technologies has resulted in a highly relevant user experience and has driven the 12th consecutive quarter of record users and the 11th straight quarter of double-digit user growth in the core market.

A：The AI intelligence on Pinterest is differentiated by its foundation on the Cha graph, which includes years of visual curation, user signals from searches, saves, and boards, providing a deep understanding of products and style relevant to individual user preferences. The intelligence also benefits from visual first design, human taste and curation at scale, and cost-efficient, compact, and purpose-built AI models that outperform third-party models in cost and effectiveness.

A：AI is enhancing the monetization strategy for advertisers by improving targeting, bidding, creative, and measurement across the advertising funnel. It helps automate campaign management tasks, such as setup, bidding, budgeting, and creative optimization, while also providing clear controls. The introduction of features like Smart Assembly for advertisers without shopping product catalogs helps improve click-through rates and overall campaign performance. Additionally, the company is investing in Business Assistant to provide actionable recommendations and is upgrading bidding and measurement systems to help advertisers find the highest value impressions and prove their value through standard metrics. These enhancements are resulting in improved lower funnel performance and are expected to scale to more advertisers in the future.

A：The strong Q2 results in the UK were reflected in the early progress on sales and go to market transformation due to a focus on clear seller accountability, better packaging of commercial moments, and a tighter connection between product performance and advertiser conversations, which supported strong ucam demand. Mid market and manage SMB go to market efforts, including restructuring account coverage teams and realigning incentives, were also contributing to serving this cohort over time. Additionally, the application of the Ucan playbook internationally was helping to close the gap between engagement and revenue.

A：AI is improving both the user experience and advertiser performance on Pinterest. It is building a scaled AI-powered shopping destination for users, and these improvements are helping revenue better reflect the engagement seen on the platform.

A：The outlook for Q3 revenue is in the range of $1190 million to $1210 million, representing 13% to 15% growth year over year. Factors to consider when reviewing the guidance include a modest headwind from foreign exchange, a one-point tailwind from the shift of Prime Day, and a nearly one Ed point benefit from World Cup related spend, all compared to Q3 last year. Adjusted EBITDA is expected to be in the range of $335 million to $355 million, and non GAAP cost of revenue expense is anticipated to be roughly flat versus Q2 due to the accelerated recognition of certain contractual benefits in Q3.

A：The strong Q2 performance was driven by a five point acceleration in revenue growth to 18% year over year in the UK, which reflects the effectiveness of ad platform improvements, large retailer spend, strong growth across mid market managed SMB, and benefits from the World Cup and a full quarter contribution from TV scientific. The company plans to continue to make it easier for advertisers to tap into consumer behavior through their AI-driven ad platform and to build on this success by driving improvements in the areas of user and engagement.

A：The expected growth moderation in Q2 was attributed to deliberate leadership and structural changes made to the company's go to Market Organization, as well as more difficult comparisons from the prior year in certain markets, particularly due to the lapping of resellers in Rest of World and a significant influx of cross border spend into Europe following changes in the US tariff environment.

A：In Q2, the company faced incremental pressure from Asia-based cross border retailers affected by regulatory actions, especially in Europe. They expect more work to be done to fully realize the benefits of their go to market transformation in Europe and the rest of the world, and anticipate some level of disruption to continue in Q3. Notably, Q3 will have the most difficult comparison of the year for the Europe region.

A：Over the past three years, the company has turned interests into an AI-driven shopping system, personalizing the experience for users with AI. They are now bringing more AI capabilities directly into the user experience. AI personalizes the experience and makes it actionable and valuable, with human curation enhancing the platform. The company completed its migration to GPU capacity two years ago, and every Pin on the platform is served by AI, bolstered by the 640 million plus users creating unique connections. This has led to record users and 11 straight quarters of double-digit user growth.

A：The competitive landscape is evolving with a trend of search market fragmentation, with a few horizontal general-purpose platforms and more vertical-specific experiences addressing distinct consumer needs. The company believes that as AI becomes more widely available and open source models are adopted, the growth in their platform's user base is evidence of this trend. The focus on visual search, particularly in shopping, is leveraging AI to make the experience actionable. The availability of AI conversational tools is enhancing the personalized and proactive experience for users.

A：Future innovations expected to drive growth in the UK business include further monetization of the commercial intents on their platform, continuing user growth and engagement, and alignment of their AI bidding systems with measurement systems. They aim to make it easier for advertisers to tap into the high commercial intent on the platform. Initial results from a pilot with a small number of advertisers are encouraging and are expected to contribute to continued growth.

A：The company is still in the early stages of work, but the initial results from a pilot with a small number of advertisers are very encouraging and contributed to outperforming Q2. These advertisers saw meaningful performance improvements and are increasing their spend on Pinterest. The integration of first-party measurement and AI optimized bidding is being expanded to a limited number of additional advertisers in Q3. This integration is helping to align AI systems with specific outcomes advertisers value most, thereby increasing the value they capture from Pinterest.

A：The company has expanded its AI capabilities across products for users and advertisers, and for internal productivity use cases. They have raised their margin outlook for the year while managing AI and compute costs efficiently. Investments in GPU capacity have been made, which is reflected in the cost of revenue line item and is already yielding returns through improved Roas for advertisers and enhancements to the user experience. The focus is on efficient management of AI and compute costs to ensure these investments translate into productivity gains.

A：The company tracks adoption, developers, throughput, cycle time, incident rates, and service uptime to ensure that increased speed does not compromise reliability. For instance, weekly poll requests per engineer increased 45% year-over-year while maintaining consistent incident rates and service uptime.

A：The company plans to deliberately scale AI, expand user capabilities, drive advertiser outcomes, improve employee productivity, and maintain a disciplined approach to profitability. Investments in AI-related compute and tokens are expected to grow, but these are ROI positive and are included in the company's outlook.

A：The company has made progress in broadening revenue by growing across mid market, managed SMBs, and emerging verticals, with ongoing improvements to the ad platform notably driving this strength. Performance Plus offers automated best practices for smaller advertisers and has grown lower funnel spend more than two-fold compared to non-adopters. The update to ad delivery models drove a 28% improvement in ROI for SMB advertisers using Performance Plus with Roas bidding.

A：The company manages customers through their adoption of AI tools and helps them leverage these tools effectively. New functionalities are released every quarter, and adoption is happening across the user base. They continue to evolve their go-to-market strategy for mid market and SMB advertisers, including restructuring account coverage and aligning incentives to provide direct support for unlocking growth.

A：The increase in Q2 stock-based compensation expense was driven by the annual equity grant cycle for employees and a lower stock price at the time of grant, which necessitated issuing more restricted stock units (RSUs) for competitive compensation. Equity is important for attracting and retaining talent and aligning employees with long-term shareholder value. Stock-based compensation expense will be elevated in 2026, starting in Q3, with an expected year-over-year growth and a step-down compared to Q2. The company expects to be profitable on a full year GAAP net income basis.

A：To manage dilution, the company has repurchased over $2 billion of stock at an average price of $18 per share, resulting in a 12% year-over-year decrease in net dilution for Q2 and leading to a 30% growth in non-GAAP EPS. The company has a growing, highly profitable, and cash-generative business and will continue to balance employee retention, incentive alignment, opportunistic capital return, and ongoing dilution management.

A：The company leverages open source AI models by using the right model for the task, which may include in-house compact models, open source models post-trained on their data, or selected closed third-party models. Open source AI models provide cost, customization, and control advantages, with the cost per transaction being less than 8% of the cost of comparable proprietary models. The company finds open source models increasingly important, especially when post-trained on their own data, which enhances effectiveness. The company is optimistic about the progress in the open source ecosystem and its potential for democratization in the industry.

A：The company internally looks at various engagement metrics, such as searches and boards created, to measure engagement across the platform. They continue to add new users and maintain strong engagement with them. The strength in these metrics gives the company confidence that they are resonating with users, particularly with Gen Z.

A：To improve EBITDA margins going forward, the company is focusing on becoming increasingly AI-native, embedding AI in product building, operations, and resource allocation. They are aligning the organization with high-priority opportunities, creating capacity to invest in AI, and rebalancing the cost structure to direct more investment towards AI tools and efficient headcount addition. The reported headcount grew 3% year over year in Q2. The company has increased its full-year 2026 EBITDA margin reduction forecast to 30% from 29% previously, due to strong revenue performance in the first half.

A：The company plans to utilize AI by weaving it throughout the app for a natural integration of AI-driven shopping assistant features, ensuring that these features are monetization-ready from the start. They aim to maintain a consistent margin expansion while leveraging AI for highly commercial moments and improving cost efficiency with compact models and open-source models. The business also plans to enhance support for advertisers through a business assistant, further bolstering monetization capabilities.

A：To improve international growth, the company is focusing on deepening market relationships with advertisers and agencies, and enhancing measurement consistency across regions. They are also testing the expansion of third-party demand into Europe to broaden the demand base. The company is applying lessons learned from the UK, where go-to-market strategies have been reaccelerated, to other international markets. These strategies are expected to take time to take hold, but early results from the UK are providing confidence in the approach for Europe.

A：The strength of engagement, particularly among Gen Z, is driven by making Pinterest a highly shoppable platform with great personalization powered by AI, which enhances recommendations without relying solely on AI. The AI is trained on user data to provide increasingly better results. The company is confident in the durability of these trends as evidenced by record-high user engagement across all demographics, and a unique user experience that combines human taste and curation with AI. This is reinforced by third-party research showing that Gen Z views Pinterest as the top place to search and finds it more personalized compared to other platforms. The company's user growth, engagement, and the high direct mobile app usage rate further indicate the durability of the engagement trends.