Pinterest, Inc. (NYSE:PINS) Q2 2019 Earnings Conference Call - Final Transcript

Aug 01, 2019 • 05:00 pm ET


Pinterest, Inc. (NYSE:PINS) Q2 2019 Earnings Conference Call - Final Transcript


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Good afternoon. My name is Sheryl, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pinterest Second Quarter Earnings Conference Call. [Operator Instructions]

Thank you. Jane Penner, Head of Investor Relations. You may begin your conference.

Jane Penner

Thank you, Sheryl. Good afternoon and thank you for joining us. Welcome to Pinterest's earnings conference call for the second quarter of 2019. Joining me today on the call are Ben Silbermann, our President and CEO; and Todd Morgenfeld, our Chief Financial Officer.

Now, I'll quickly cover the Safe Harbor. Some of the statements that we make today regarding our business performance and operations and guidance for full year 2019 may be considered forward-looking. And such statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the risk factors discussed in our most recent Form 10-Q filed with the SEC and available on the Investor Relations section of our website.

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release and letter to shareholders, which are distributed and available to the public through our Investor Relations website located at

And now, I'll turn the call over to Ben.

Ben Silbermann

Thanks, Jane. Hi, everyone. Thanks so much for joining our second earnings call. Earlier this afternoon, after the market closed, we released our quarterly shareholder letter offering a detailed look at our results. We're not going to repeat all of it, because we want to save a lot of time for Q&A. But Todd and I are going to start with some brief highlights from our quarter and then we'll open to questions

As you can see in the letter, we had a strong quarter. We delivered healthy revenue growth of 62% year-on-year and we continued user growth of more than 300 million people now using Pinterest every month. These results are driven by investments we've been making to help people get inspiration to plan their lives and help them to make their plans a reality offline.

For our users, we've improved experience by making Pinterest more personal, with improvements to search recommendations, so people can more easily find ideas that they love. By making Pinterest more inspiring, by adding video content and making Pinterest more shoppable, so people can go from inspiration to action with progress in a number of initiatives, including growing our inventory of unique product Pins by over 50% in the quarter.

And for our advertisers, we've been improving our products in a couple of ways. We added six new international markets where we're now serving ads. We simplified our ad system for small and medium businesses, diversifying our advertiser base, and we're working to improve advertisers' ability to measure the effectiveness of their ad spend.

We're excited about the momentum we've had across the board, but we know there's a lot of work