Revenue

Q1 2025 revenue reached $854.988 million "

Revenue growth in Q1 2025 builds on the strong performance seen in FY2024—where increased demand from consideration and conversion objectives, an 8% ARPU increase, 11% higher MAUs, and a 39% rise in ads served (partially offset by a 14% decline in ad prices) drove significant increases. " Although specific Q1 2025 drivers aren’t detailed, the same underlying factors likely persist.

Net Income

Turnaround from a Q1 2024 net loss of $24.812 million to $8.922 million " "

The dramatic turnaround in net income is mainly due to the positive impact of the Q4 2024 release of a deferred tax asset valuation allowance (a $1,597 million benefit in FY2024) that reversed previous losses, combined with improved operational performance and tighter cost controls compared to Q1 2024.

Operating Cash Flow

Increased modestly from $356.146 million to $363.706 million (~2% increase) " "

The slight increase in operating cash flow reflects continued operational efficiency and robust cash generation. This modest rise continues the trend from the previous period, indicating sustained strength in core operations despite relatively minor fluctuations in working capital or expense management.

Total Assets

Increased roughly 47% from $3,594.405 million (Q4 2023) to $5,282.696 million (Q1 2025) " "

Total assets grew significantly, driven by continued growth in deferred tax assets, higher accounts receivable, and increased marketable securities—factors that were the main contributors in FY2024. This asset expansion demonstrates that the strong balance sheet improvements observed in FY2024 have extended into Q1 2025.

Total Stockholders’ Equity

Increased about 52% from $3,090.680 million (Q4 2023) to $4,688.469 million (Q1 2025) " "

The notable rise in stockholders’ equity stems from the turnaround in net income (transitioning from a significant loss to a profit), improvements in comprehensive income, and the effects of share issuance (from stock option exercises) combined with non-cash share-based compensation, which more than offset the impact of common stock repurchases.

Revenue

Q1 2025

$837 million to $852 million; 13%–15% growth YoY or 15%–17% growth on a constant currency basis " "

no guidance provided

no current guidance

Adjusted EBITDA

Q1 2025

$155 million to $170 million "

no guidance provided

no current guidance

Non-GAAP Cost of Revenue

Q1 2025

Relatively consistent with Q4 2024 "

no guidance provided

no current guidance

Foreign Exchange Impact

Q1 2025

Guidance assumes a 2‐point headwind based on current spot rates "

no guidance provided

no current guidance

Margin Expansion

Q1 2025

Expected margin expansion in 2025, though at a lower rate than the 510 basis points achieved in 2024 "

no guidance provided

no current guidance

Lower-Funnel Ad Product Innovation

Introduced in Q2 2024 as Performance Plus with early tests showing efficiency gains (e.g. 50% fewer inputs, improved CPA and ROAS). In Q3 2024, emphasis on additional features (ROAS bidding, creative optimizations) and a multi-quarter adoption cycle was noted. Q4 2024 discussion focused on the start of a multiyear cycle with further feature rollouts and early promising adoption. " " " " " "

Q1 2025 continues to highlight Performance+ improvements. There is strong emphasis on further enhancing campaign efficiency and driving long-term advertiser performance, with clear indications of sustained multi-year adoption and positive A/B test results. " "

Consistent emphasis: The topic recurs across periods with steady enhancements; sentiment remains strongly positive as Performance+ shows ongoing improvements and long‑term growth potential.

Full-Funnel Strategy Integration

In Q2 2024, Pinterest explained its transition to a true full‑funnel ad platform covering both brand and conversion objectives. Q3 2024 discussions focused on leveraging lower‑funnel strengths, while Q4 2024 emphasized that integrated full‑funnel strategies were driving revenue via lower‑funnel performance. " " "

Q1 2025 reaffirmed its full‑funnel approach with better conversion outcomes, highlighting the synergy between upper and lower funnel tools (e.g. Performance+ and ROAS bidding) that drive nearly 2x conversions compared to single‑objective campaigns. " " "

Steady and reinforcing: The integration theme is consistently highlighted, with a continued strong sentiment and added emphasis on measurable conversion improvements, making it a core differentiator for future growth.

Expansion into Emerging Verticals

Q2 2024 mentioned emerging verticals such as technology, autos, and financial services contributing to revenue growth. Q3 2024 emphasized strengths in financial services, automobiles, and technology. Q4 2024 discussed strong performance and strategic focus in financial services and technology. " " " "

Q1 2025 expanded the discussion to include telecom and entertainment along with financial services and technology, noting that these sectors remain underpenetrated offering significant long‑term growth potential. "

Broadening scope: While the topic has been consistently present, its scope is expanding with new categories emerging; sentiment is increasingly positive as this represents a large future opportunity.

Revenue Growth Trends and Guidance

Q2 2024 reported record revenue growth (e.g. global revenue up 21% YOY) with robust Q3 guidance. Q3 2024 reemphasized strong global growth (with some deceleration due to mix shifts and seasonal factors) and detailed ad impression growth vs. pricing decline. Q4 2024 celebrated a record $1B revenue quarter, though noting an 18% decline in ad pricing due to international mix shifts. " " " " "

Q1 2025 reported global revenue of $855M (16% YOY growth) driven by strong performance across key regions; guidance remains positive despite ongoing international mix effects that depress eCPM, while mature markets remain stable. " " "

Consistent record performance with cautious optimism: The recurring record revenue milestones are offset by ongoing deceleration concerns (from pricing pressures and international mix shifts); overall, sentiment is optimistic but careful about pricing trends.

User Engagement and Growth

In Q2 2024, global MAUs hit a record high (522M with 12% growth) though U.S. growth remained modest. Q3 2024 continued the trend with healthy global growth (537M MAUs) but only 3% growth in the U.S., while engagement ratios improved. Q4 2024 recorded 553M global MAUs with an increased weekly-to-monthly ratio, indicating deeper engagement especially in mature markets. " " "

Q1 2025 reached 570M global MAUs (10% growth) with U.S. and Canada MAUs at 102M (4% growth); continued high engagement metrics were noted along with particular strength among Gen Z users. " "

Stable expansion with depth focus: Global MAU growth consistently outpaces U.S. growth; while the U.S. market remains flat, deeper user engagement and increased actionability keep overall sentiment positive.

International Expansion & Third-Party Partnerships

Q2 2024 initiated third‑party partnerships (with Amazon and Google) and reseller launches to tap new international, previously unmonetized markets. Q3 2024 expanded on this with broader partnerships including Amazon and Google, and enhanced international sales coverage. Q4 2024 further detailed robust partnerships (explicit mention of Amazon Ads and Google) and strong Rest of World revenue growth driven by these initiatives. " " " " " "

Q1 2025 focused on international expansion by highlighting the mix shift driving lower eCPMs in newly monetized markets and noted strategic third‑party measurement partnerships (e.g. with North Bean and Triple Whale) though without explicit mention of Amazon or Google. " " "

Evolving but persistent: The focus remains on international expansion and third‑party partnerships to drive new monetization; while the specifics (e.g. Amazon/Google) are less emphasized in Q1, the overall strategic priority is maintained with evolving partner dynamics.

AI-Driven Advertising & Privacy-Resilient Measurement Tools

Q2 2024 introduced AI-powered tools such as Performance Plus and early adoption of privacy‑resilient measurement (Conversions API, clean rooms) to improve campaign effectiveness. Q3 2024 expanded on AI integration (e.g. generative AI for ad creative) and growing reliance on privacy‑centric tools, with significant adoption from advertisers. Q4 2024 underscored the use of AI (e.g. whole‑page optimization, Performance+) and continued improvements in measurement to validate ad spend. " " " " " "

Q1 2025 reinforced the role of AI in driving advertising performance through Performance+ and emphasized strong privacy‑resilient measurement initiatives integrated with strategic third‑party partnerships to improve cross‐channel measurement. " " " "

Deepening integration: AI and privacy‑resilient measurement remain core strategic priorities with continuous enhancements; sentiment remains highly positive as these capabilities evolve to deliver significant competitive advantage.

Softness in Food & Beverage Advertising

Q2 2024 noted softness in food & beverage (CPG), impacting growth due to broader headwinds. Q3 2024 reiterated that this softness continued to be a challenge and was expected to persist into Q4. Q4 2024 mentioned softness in the category with early signs of improvement but still factored it into guidance. " " " "

Q1 2025 indicated that the negative impact of softness in food & beverage advertising has lessened compared to prior periods, showing a reduced emphasis on this challenge as earlier softer trends are largely lapped. "

Declining concern: Once a recurring negative, the softness in food & beverage is less emphasized in Q1, suggesting an easing of the headwind and a shift to a more positive outlook in the category.

Pressure on Ad Pricing

Q2 2024 described an 11% YOY decline in eCPM driven by third‑party ad impressions and serving ads in newly monetized international markets. Q3 2024 observed a 17% decline amid increased ad impressions from international markets. Q4 2024 noted a decline in eCPM (18%) associated with robust ad impression growth driven by internal initiatives, with some impact from third‑party impressions. " " " "

Q1 2025 continued to report downward pressure on global ad pricing due to international mix shifts, though noted that trends in the mature U.S. and Canada markets are less affected. " "

Persistent challenge: Declining eCPMs are consistently attributed to increased ad impressions and international mix shifts; while mature markets show stability, this pressure remains a recurring factor that requires ongoing attention.