In reporting its first quarterly results as a public company, Pinterest provided new details on the platform’s advertising plans, which include introducing self-serve ad-buying technology and expanding the base of brands who spend with the service.
Pinterest, the site where people post products and plan their lives, on Thursday reported $202 million in revenue in the first quarter, an increase of 54 percent year-over-year. It also said it reached 291 million monthly users, up 22 percent year-over-year. The performance disappointed investors, however, as the company lost $41 million in the quarter, which was more than Wall Street analysts expected.
Pinterest CEO Ben Silbermann and Todd Morgenfeld, chief financial officer, held a call with analysts to explain how the company hopes to get to its next level in advertising. Here were the most important parts of the strategy:
Self-serve and sales teams
“This is an important year of investment for us as we think about diversifying our advertiser base and that comes in two flavors,” Morgenfeld said. “One is opening up new international markets … We’re also trying to diversify our advertiser base by investing in self-service tools.”