Platforms roundup 2023: Pinterest’s ad spike drove stock price and it used AI to improve search

Posted by Caroline Edwards in News

5 months ago

Headlines from 2023 at Pinterest:

  • It has more than 482 million users worldwide.
  • Q3 revenue reached US $763 million (£605 million), an increase of 11% YOY.
  • The platform introduced an AI tool to improve body representation within its algorithm’s search results.

As of Q3, the inspirational planning app had more than 482 million monthly users globally, up eight per cent YOY. In Europe, it achieved 128 million MAUs, growing seven per cent YOY.

In the same quarter, its revenue increased 11% YOY to reach US $763 million (£605 million). Its stock prices went up 15% following the news.

New features include increasing the video length of Idea Pins to five minutes, ad formats for higher engagement and a collage feature (essentially a virtual collage tool). Pinterest also began using AI to improve body representation within the platform’s search results.

By Caroline Edwards, news and features writer for CORQ.