{ "note": "Reported quarterly figures and dated public events. Before and after are what happened around a date, not the effect of the event.", "series": { "MAU": { "Global": [ [ "2018Q4", 265.0 ], [ "2019Q1", 291.0 ], [ "2019Q2", 300.0 ], [ "2019Q3", 322.0 ], [ "2019Q4", 335.0 ], [ "2020Q1", 367.0 ], [ "2020Q2", 416.0 ], [ "2020Q3", 442.0 ], [ "2020Q4", 459.0 ], [ "2021Q1", 478.0 ], [ "2021Q2", 454.0 ], [ "2021Q3", 444.0 ], [ "2021Q4", 431.0 ], [ "2022Q1", 433.0 ], [ "2022Q2", 433.0 ], [ "2022Q3", 445.0 ], [ "2022Q4", 450.0 ], [ "2023Q1", 463.0 ], [ "2023Q2", 465.0 ], [ "2023Q3", 482.0 ], [ "2023Q4", 498.0 ], [ "2024Q1", 518.0 ], [ "2024Q2", 522.0 ], [ "2024Q3", 537.0 ], [ "2024Q4", 553.0 ], [ "2025Q1", 570.0 ], [ "2025Q2", 578.0 ], [ "2025Q3", 600.0 ], [ "2025Q4", 619.0 ], [ "2026Q1", 631.0 ], [ "2026Q2", 640.0 ] ], "UCAN": [ [ "2021Q1", 109.0 ], [ "2021Q2", 100.0 ], [ "2021Q3", 98.0 ], [ "2021Q4", 95.0 ], [ "2022Q1", 94.0 ], [ "2022Q2", 92.0 ], [ "2022Q3", 95.0 ], [ "2022Q4", 95.0 ], [ "2023Q1", 95.0 ], [ "2023Q2", 95.0 ], [ "2023Q3", 96.0 ], [ "2023Q4", 97.0 ], [ "2024Q1", 98.0 ], [ "2024Q2", 98.0 ], [ "2024Q3", 99.0 ], [ "2024Q4", 101.0 ], [ "2025Q1", 102.0 ], [ "2025Q2", 102.0 ], [ "2025Q3", 103.0 ], [ "2025Q4", 105.0 ], [ "2026Q1", 106.0 ], [ "2026Q2", 106.0 ] ], "Europe": [ [ "2021Q1", 136.0 ], [ "2021Q2", 123.0 ], [ "2021Q3", 119.0 ], [ "2021Q4", 122.0 ], [ "2022Q1", 120.0 ], [ "2022Q2", 117.0 ], [ "2022Q3", 120.0 ], [ "2022Q4", 124.0 ], [ "2023Q1", 128.0 ], [ "2023Q2", 124.0 ], [ "2023Q3", 128.0 ], [ "2023Q4", 135.0 ], [ "2024Q1", 140.0 ], [ "2024Q2", 136.0 ], [ "2024Q3", 139.0 ], [ "2024Q4", 145.0 ], [ "2025Q1", 148.0 ], [ "2025Q2", 146.0 ], [ "2025Q3", 150.0 ], [ "2025Q4", 158.0 ], [ "2026Q1", 159.0 ], [ "2026Q2", 157.0 ] ], "RoW": [ [ "2021Q1", 234.0 ], [ "2021Q2", 231.0 ], [ "2021Q3", 228.0 ], [ "2021Q4", 215.0 ], [ "2022Q1", 220.0 ], [ "2022Q2", 223.0 ], [ "2022Q3", 230.0 ], [ "2022Q4", 231.0 ], [ "2023Q1", 240.0 ], [ "2023Q2", 246.0 ], [ "2023Q3", 258.0 ], [ "2023Q4", 266.0 ], [ "2024Q1", 279.0 ], [ "2024Q2", 288.0 ], [ "2024Q3", 300.0 ], [ "2024Q4", 307.0 ], [ "2025Q1", 320.0 ], [ "2025Q2", 329.0 ], [ "2025Q3", 347.0 ], [ "2025Q4", 356.0 ], [ "2026Q1", 367.0 ], [ "2026Q2", 377.0 ] ] }, "Revenue": { "Global": [ [ "2019Q1", 202.0 ], [ "2019Q2", 261.0 ], [ "2019Q3", 280.0 ], [ "2019Q4", 400.0 ], [ "2020Q1", 272.0 ], [ "2020Q2", 272.0 ], [ "2020Q3", 443.0 ], [ "2020Q4", 706.0 ], [ "2021Q1", 485.0 ], [ "2021Q2", 613.0 ], [ "2021Q3", 633.0 ], [ "2021Q4", 847.0 ], [ "2022Q1", 575.0 ], [ "2022Q2", 666.0 ], [ "2022Q3", 685.0 ], [ "2022Q4", 877.0 ], [ "2023Q1", 603.0 ], [ "2023Q2", 708.0 ], [ "2023Q3", 763.0 ], [ "2023Q4", 981.0 ], [ "2024Q1", 740.0 ], [ "2024Q2", 854.0 ], [ "2024Q3", 898.0 ], [ "2024Q4", 1154.0 ], [ "2025Q1", 855.0 ], [ "2025Q2", 998.0 ], [ "2025Q3", 1049.0 ], [ "2025Q4", 1319.0 ], [ "2026Q1", 1008.0 ], [ "2026Q2", 1180.0 ] ], "UCAN": [ [ "2021Q1", 410.0 ], [ "2021Q2", 508.0 ], [ "2021Q3", 526.0 ], [ "2021Q4", 689.0 ], [ "2022Q1", 470.0 ], [ "2022Q2", 542.0 ], [ "2022Q3", 575.0 ], [ "2022Q4", 722.0 ], [ "2023Q1", 486.0 ], [ "2023Q2", 565.0 ], [ "2023Q3", 618.0 ], [ "2023Q4", 779.0 ], [ "2024Q1", 592.0 ], [ "2024Q2", 673.0 ], [ "2024Q3", 719.0 ], [ "2024Q4", 900.0 ], [ "2025Q1", 663.0 ], [ "2025Q2", 745.0 ], [ "2025Q3", 786.0 ], [ "2025Q4", 979.0 ], [ "2026Q1", 750.0 ], [ "2026Q2", 880.0 ] ], "Europe": [ [ "2021Q1", 69.0 ], [ "2021Q2", 92.0 ], [ "2021Q3", 89.0 ], [ "2021Q4", 132.0 ], [ "2022Q1", 87.0 ], [ "2022Q2", 102.0 ], [ "2022Q3", 86.0 ], [ "2022Q4", 123.0 ], [ "2023Q1", 93.0 ], [ "2023Q2", 114.0 ], [ "2023Q3", 114.0 ], [ "2023Q4", 162.0 ], [ "2024Q1", 118.0 ], [ "2024Q2", 143.0 ], [ "2024Q3", 137.0 ], [ "2024Q4", 196.0 ], [ "2025Q1", 147.0 ], [ "2025Q2", 191.0 ], [ "2025Q3", 193.0 ], [ "2025Q4", 245.0 ], [ "2026Q1", 186.0 ], [ "2026Q2", 213.0 ] ], "RoW": [ [ "2021Q1", 7.0 ], [ "2021Q2", 13.0 ], [ "2021Q3", 17.0 ], [ "2021Q4", 25.0 ], [ "2022Q1", 17.0 ], [ "2022Q2", 22.0 ], [ "2022Q3", 24.0 ], [ "2022Q4", 32.0 ], [ "2023Q1", 24.0 ], [ "2023Q2", 29.0 ], [ "2023Q3", 31.0 ], [ "2023Q4", 41.0 ], [ "2024Q1", 30.0 ], [ "2024Q2", 38.0 ], [ "2024Q3", 42.0 ], [ "2024Q4", 58.0 ], [ "2025Q1", 45.0 ], [ "2025Q2", 63.0 ], [ "2025Q3", 70.0 ], [ "2025Q4", 96.0 ], [ "2026Q1", 72.0 ], [ "2026Q2", 87.0 ] ] } }, "events": [ { "date": "2016-08-02", "date_precision": "day", "actor": "Instagram", "title": "Instagram Stories launches", "what": "Instagram added Stories, a 24-hour feed copied from Snapchat, to its main app worldwide. It is the simulator's precedent for a large rival copying a smaller one (Snap), not a Pinterest event.", "cards": [ "E01" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://techcrunch.com/2016/08/02/instagram-stories/", "https://www.cnbc.com/2016/08/02/instagram-launches-stories-a-product-to-take-on-snapchat.html" ], "confidence": "high", "quarter": "2016Q3", "around": { "Global": { "before_quarter": "2016Q2", "before_yoy": null, "after_quarter": "2017Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2016Q2", "before_yoy": null, "after_quarter": "2017Q3", "after_yoy": null } } }, { "date": "2016-12-14", "date_precision": "day", "actor": "Instagram", "title": "Instagram adds saved posts (bookmark button)", "what": "A bookmark button under every post saves it to a private Saved tab on the profile. Shipped in an iOS and Android app update.", "cards": [ "E01" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://techcrunch.com/2016/12/14/instagram-now-lets-you-bookmark-posts-for-later-viewing/", "https://www.macrumors.com/2016/12/14/instagram-save-posts/" ], "confidence": "high", "quarter": "2016Q4", "around": { "Global": { "before_quarter": "2016Q3", "before_yoy": null, "after_quarter": "2017Q4", "after_yoy": null }, "UCAN": { "before_quarter": "2016Q3", "before_yoy": null, "after_quarter": "2017Q4", "after_yoy": null } } }, { "date": "2017-04-17", "date_precision": "day", "actor": "Instagram", "title": "Instagram adds private collections for saves", "what": "Saved posts can be sorted into named private collections. Press at the time called it a Pinterest-like feature (Fortune).", "cards": [ "E01" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://techcrunch.com/2017/04/17/instagram-now-lets-you-organize-bookmarks-into-private-collections/", "https://fortune.com/2017/04/17/instagram-pinterest/" ], "confidence": "high", "quarter": "2017Q2", "around": { "Global": { "before_quarter": "2017Q1", "before_yoy": null, "after_quarter": "2018Q2", "after_yoy": null }, "UCAN": { "before_quarter": "2017Q1", "before_yoy": null, "after_quarter": "2018Q2", "after_yoy": null } } }, { "date": "2020-03-01", "date_precision": "month", "actor": "Macro", "title": "COVID-19: advertisers pause spending", "what": "Store closures in March 2020 led advertisers to pause, while Pinterest usage rose to records. Dated to the month; stated on the Q1 2020 call.", "cards": [ "E10" ], "pinterest_said": "the pandemic began to impact our business during March. As offline stores closed around the world, many advertisers slowed or paused their advertising spending on Pinterest.", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2020-year/1-quarter", "sources": [ "https://www.roic.ai/quote/PINS/transcripts/2020-year/1-quarter" ], "confidence": "high", "quarter": "2020Q1", "around": { "Global": { "before_quarter": "2019Q4", "before_yoy": 26.4, "after_quarter": "2021Q1", "after_yoy": 30.2 }, "UCAN": { "before_quarter": "2019Q4", "before_yoy": null, "after_quarter": "2021Q1", "after_yoy": null } } }, { "date": "2020-05-04", "date_precision": "day", "actor": "Google", "title": "Google May 2020 core update lifts Pinterest", "what": "A broad core update that began rolling out on May 4, 2020. It is the favourable mirror of the November 2021 event.", "cards": [ "E07" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://searchengineland.com/google-may-2020-core-update-rolling-out-today-334128", "https://www.sistrix.com/blog/indexwatch-2020-seo-winners-in-google-us/" ], "confidence": "high", "measured_effect": { "claim": "\"As a result of Google's May Core Update, Pinterest.com surged in visibility, gaining a massive increase of 165 Visibility Index points within the span of 3 weeks\" (US mobile search).", "source": "https://www.sistrix.com/blog/indexwatch-2020-seo-winners-in-google-us/", "who": "SISTRIX (third-party search-visibility index)" }, "quarter": "2020Q2", "around": { "Global": { "before_quarter": "2020Q1", "before_yoy": 26.1, "after_quarter": "2021Q2", "after_yoy": 9.1 }, "UCAN": { "before_quarter": "2020Q1", "before_yoy": null, "after_quarter": "2021Q2", "after_yoy": null } } }, { "date": "2020-07-31", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest Q2 2020: revenue +4%, users +39%", "what": "The clearest quarter of the shock: users grew 39% to 416 million while revenue grew 4% to $272 million. Engagement peaked in mid-April and early May.", "cards": [ "E10" ], "pinterest_said": "Q2 revenue grew 4% year over year as advertiser demand continued to be impacted by the COVID-19 pandemic. Revenue trends improved in each month of the quarter.", "pinterest_said_source": "https://s204.q4cdn.com/369458543/files/doc_financials/2020/q2/Pinterest-Q220-Shareholder-Letter-2.pdf", "sources": [ "https://s204.q4cdn.com/369458543/files/doc_financials/2020/q2/Q2-20-EPR-Final.pdf", "https://s204.q4cdn.com/369458543/files/doc_financials/2020/q2/Pinterest-Q220-Shareholder-Letter-2.pdf" ], "confidence": "high", "quarter": "2020Q3", "around": { "Global": { "before_quarter": "2020Q2", "before_yoy": 38.7, "after_quarter": "2021Q3", "after_yoy": 0.5 }, "UCAN": { "before_quarter": "2020Q2", "before_yoy": null, "after_quarter": "2021Q3", "after_yoy": null } } }, { "date": "2021-04-26", "date_precision": "day", "actor": "Apple", "title": "iOS 14.5 ships App Tracking Transparency", "what": "Apps must ask permission before tracking users across apps. This is the card's precedent for a rule that cuts ad personalization; the roughly $10 billion cost to Meta is from the CNBC report cited in the repo. No Pinterest figure exists.", "cards": [ "E12" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.apple.com/newsroom/2021/04/ios-14-5-offers-unlock-iphone-with-apple-watch-diverse-siri-voices-and-more/", "https://www.cnbc.com/2022/02/02/facebook-says-apple-ios-privacy-change-will-cost-10-billion-this-year.html" ], "confidence": "medium", "quarter": "2021Q2", "around": { "Global": { "before_quarter": "2021Q1", "before_yoy": 30.2, "after_quarter": "2022Q2", "after_yoy": -4.6 }, "UCAN": { "before_quarter": "2021Q1", "before_yoy": null, "after_quarter": "2022Q2", "after_yoy": -8.0 } } }, { "date": "2021-04-27", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest Q1 2021: users peak at 478 million", "what": "The pandemic high. Management said engagement began to soften from mid-March 2021 as lockdowns eased, and that ad load had fallen year over year while revenue grew 78%. The quotation is from the earnings call, not from the press release listed first.", "cards": [], "pinterest_said": "As pandemic lockdowns were eased in some parts of the world during mid-March, we began to see signs of less engagement and user growth on Pinterest", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2021-year/1-quarter", "sources": [ "https://investor.pinterestinc.com/news-and-events/press-releases/press-releases-details/2021/Pinterest-Announces-First-Quarter-2021-Results/default.aspx", "https://www.sec.gov/Archives/edgar/data/1506293/000150629321000094/pins-20210331.htm", "https://www.roic.ai/quote/PINS/transcripts/2021-year/1-quarter" ], "confidence": "high", "quarter": "2021Q2", "around": { "Global": { "before_quarter": "2021Q1", "before_yoy": 30.2, "after_quarter": "2022Q2", "after_yoy": -4.6 }, "UCAN": { "before_quarter": "2021Q1", "before_yoy": null, "after_quarter": "2022Q2", "after_yoy": -8.0 } } }, { "date": "2021-05-18", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest launches Idea Pins (creator video)", "what": "A video-first, multi-page format for creators. The launch post's title says globally; the post and TechCrunch list eight countries: the US, UK, Australia, Canada, France, Germany, Austria and Switzerland. In September 2023 new management said the creator-video bet hurt US engagement (per the repo's read of the Investor Day transcript).", "cards": [], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://techcrunch.com/2021/05/18/pinterest-introduces-idea-pins-a-video-first-feature-aimed-at-creators/", "https://newsroom-archive.pinterest.com/pinterest-introduces-idea-pins-globally-and-launches-new-creator-discovery-features" ], "confidence": "medium", "quarter": "2021Q2", "around": { "Global": { "before_quarter": "2021Q1", "before_yoy": 30.2, "after_quarter": "2022Q2", "after_yoy": -4.6 }, "UCAN": { "before_quarter": "2021Q1", "before_yoy": null, "after_quarter": "2022Q2", "after_yoy": -8.0 } } }, { "date": "2021-07-29", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest Q2 2021: Google change called small", "what": "Reporting the first quarter-over-quarter user decline after the pandemic peak, while users still grew year over year, management put it down to the pandemic unwinding and treated Google's 2021 search changes as minor. Call date from the repo's research notes.", "cards": [ "E07" ], "pinterest_said": "we mentioned that there was a Google SEO change. Those are small relative to the -- what we believe was almost entirely a pandemic unwind in the quarter that impacted our user engagement.", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2021-year/2-quarter", "sources": [ "https://www.roic.ai/quote/PINS/transcripts/2021-year/2-quarter" ], "confidence": "high", "quarter": "2021Q3", "around": { "Global": { "before_quarter": "2021Q2", "before_yoy": 9.1, "after_quarter": "2022Q3", "after_yoy": 0.2 }, "UCAN": { "before_quarter": "2021Q2", "before_yoy": null, "after_quarter": "2022Q3", "after_yoy": -3.1 } } }, { "date": "2021-11-17", "date_precision": "day", "actor": "Google", "title": "Google November 2021 core update", "what": "A broad core update rolled out from November 17 to November 30, 2021 (Google's status dashboard). Pinterest reported the effect on February 3, 2022 with Q4 2021 results; it is the only rival action for which Pinterest has ever given a quantified user effect.", "cards": [ "E07" ], "pinterest_said": "our monthly active users were negatively impacted from lower search traffic due to Google's November algorithm updates. In fact, more than half of the Q3 to Q4 sequential decline in U.S. monthly active users was attributable to Google's algorithm update starting in mid-November.", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2021-year/4-quarter", "sources": [ "https://status.search.google.com/incidents/FncPfR7zRSZ3diemah4o", "https://searchengineland.com/google-november-2021-core-update-rolling-out-today-376124", "https://www.roic.ai/quote/PINS/transcripts/2021-year/4-quarter" ], "confidence": "high", "quarter": "2021Q4", "around": { "Global": { "before_quarter": "2021Q3", "before_yoy": 0.5, "after_quarter": "2022Q4", "after_yoy": 4.4 }, "UCAN": { "before_quarter": "2021Q3", "before_yoy": null, "after_quarter": "2022Q4", "after_yoy": 0.0 } } }, { "date": "2022-02-03", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest Q4 2021: users down to 431 million", "what": "The low point of the 2021 decline: 478 million in Q1 2021 to 431 million in Q4 2021. Besides Google, management named the pandemic easing and competing video apps (see the November 2021 event for the Google quote).", "cards": [ "E02" ], "pinterest_said": "We also believe that time spent on competing video app platforms contributed to the year-on-year declines.", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2021-year/4-quarter", "sources": [ "https://investor.pinterestinc.com/news-and-events/press-releases/press-releases-details/2022/Pinterest-Announces-Fourth-Quarter-and-Full-Year-2021-Results/default.aspx", "https://www.roic.ai/quote/PINS/transcripts/2021-year/4-quarter" ], "confidence": "high", "quarter": "2022Q1", "around": { "Global": { "before_quarter": "2021Q4", "before_yoy": -6.1, "after_quarter": "2023Q1", "after_yoy": 6.9 }, "UCAN": { "before_quarter": "2021Q4", "before_yoy": null, "after_quarter": "2023Q1", "after_yoy": 1.1 } } }, { "date": "2022-04-27", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest Q1 2022: search sign-ups did not return", "what": "On the Q1 2022 call management said the usual February and March rise in sign-ups and returning users did not happen, and blamed the November 2021 update. Call date from the repo's research notes.", "cards": [ "E07" ], "pinterest_said": "Historically, we've seen new user sign-ups, and resurrections typically tick up in the months of February and March. And we just didn't see that happen in the first quarter, we think, because of the impact of the search algo change from Q4.", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2022-year/1-quarter", "sources": [ "https://www.roic.ai/quote/PINS/transcripts/2022-year/1-quarter" ], "confidence": "high", "quarter": "2022Q2", "around": { "Global": { "before_quarter": "2022Q1", "before_yoy": -9.4, "after_quarter": "2023Q2", "after_yoy": 7.4 }, "UCAN": { "before_quarter": "2022Q1", "before_yoy": -13.8, "after_quarter": "2023Q2", "after_yoy": 3.3 } } }, { "date": "2022-06-28", "date_precision": "day", "actor": "Pinterest", "title": "Bill Ready named Pinterest CEO", "what": "Co-founder Ben Silbermann moved to executive chairman and Bill Ready, from Google's commerce unit, became CEO. This record dates the shift to shopping and higher ad load from here; that dating is an interpretation, not a sourced fact.", "cards": [], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://investor.pinterestinc.com/news-and-events/press-releases/press-releases-details/2022/Pinterest-Appoints-Bill-Ready-as-CEO-Co-Founder-and-CEO-Ben-Silbermann-Transitions-to-Executive-Chairman/default.aspx", "https://www.reuters.com/business/pinterest-ceo-steps-down-google-executive-ready-take-up-job-2022-06-28/" ], "confidence": "high", "quarter": "2022Q2", "around": { "Global": { "before_quarter": "2022Q1", "before_yoy": -9.4, "after_quarter": "2023Q2", "after_yoy": 7.4 }, "UCAN": { "before_quarter": "2022Q1", "before_yoy": -13.8, "after_quarter": "2023Q2", "after_yoy": 3.3 } } }, { "date": "2022-08-25", "date_precision": "day", "actor": "Google", "title": "Google's first helpful content update", "what": "Announced August 18, 2022 and launched August 25, for English searches globally. No report naming Pinterest as a winner or loser was found.", "cards": [ "E07" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://developers.google.com/search/blog/2022/08/helpful-content-update", "https://status.search.google.com/products/rGHU1u87FJnkP6W2GwMi/history" ], "confidence": "high", "quarter": "2022Q3", "around": { "Global": { "before_quarter": "2022Q2", "before_yoy": -4.6, "after_quarter": "2023Q3", "after_yoy": 8.3 }, "UCAN": { "before_quarter": "2022Q2", "before_yoy": -8.0, "after_quarter": "2023Q3", "after_yoy": 1.1 } } }, { "date": "2022-10-06", "date_precision": "day", "actor": "TikTok", "title": "TikTok launches Photo Mode (carousels)", "what": "A swipeable still-image carousel format with music and long captions, announced with a set of editing tools; available in the US and most regions.", "cards": [ "E02" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://newsroom.tiktok.com/en-us/editing-tools", "https://searchengineland.com/tiktok-releases-photo-mode-and-7-new-editing-tools-388576" ], "confidence": "high", "quarter": "2022Q4", "around": { "Global": { "before_quarter": "2022Q3", "before_yoy": 0.2, "after_quarter": "2023Q4", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2022Q3", "before_yoy": -3.1, "after_quarter": "2023Q4", "after_yoy": 2.1 } } }, { "date": "2022-10-27", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest Q3 2022: Google update nearly lapped", "what": "Users returned to sequential growth. Management said the effect of the November 2021 update would be lapped by year end. Call date from the repo's research notes.", "cards": [ "E07" ], "pinterest_said": "we've moved beyond the pandemic unwind. And by the end of the year, we will have lapped the Google Search algorithm update from November 2021 that had an impact on our ability to grow MAUs.", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2022-year/3-quarter", "sources": [ "https://www.roic.ai/quote/PINS/transcripts/2022-year/3-quarter" ], "confidence": "high", "quarter": "2022Q4", "around": { "Global": { "before_quarter": "2022Q3", "before_yoy": 0.2, "after_quarter": "2023Q4", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2022Q3", "before_yoy": -3.1, "after_quarter": "2023Q4", "after_yoy": 2.1 } } }, { "date": "2023-02-06", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest starts flexing ad load by intent", "what": "On the Q4 2022 call Pinterest said it had launched whole page optimization in Q4 2022, which shows more ads where the user has commercial intent. This is the launch of the system that flexes ad load, not the start of the rise: Pinterest itself dates the run of quarters with rising ad load from the middle of 2022, and it ran to at least mid-2025. Call date from the repo's research notes.", "cards": [ "E09" ], "pinterest_said": "In Q4, we launched ad load management with whole page optimization, which flexes ad load opportunistically in context where ads are most well-suited for the user.", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2022-year/4-quarter", "sources": [ "https://www.roic.ai/quote/PINS/transcripts/2022-year/4-quarter" ], "confidence": "high", "measured_effect": { "claim": "US ads placed per daily session on the Pinterest mobile app rose 47% year over year in Q1 2024, against reported ad impressions +38%; reported users rose 12% in the same quarter.", "source": "https://sensortower.com/blog/mmm-pinterest-q1-2024-advertising-trends-and-earnings-results", "who": "Sensor Tower (third-party panel)" }, "quarter": "2023Q1", "around": { "Global": { "before_quarter": "2022Q4", "before_yoy": 4.4, "after_quarter": "2024Q1", "after_yoy": 11.9 }, "UCAN": { "before_quarter": "2022Q4", "before_yoy": 0.0, "after_quarter": "2024Q1", "after_yoy": 3.2 } } }, { "date": "2023-03-29", "date_precision": "day", "actor": "Instagram", "title": "Instagram adds collaborative collections", "what": "Friends can save posts into a shared collection from the feed or from direct messages.", "cards": [ "E01" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.theverge.com/2023/3/29/23662175/instagram-collaborative-collections-shared-with-friends", "https://later.com/blog/instagram-collaborative-collections/" ], "confidence": "high", "quarter": "2023Q1", "around": { "Global": { "before_quarter": "2022Q4", "before_yoy": 4.4, "after_quarter": "2024Q1", "after_yoy": 11.9 }, "UCAN": { "before_quarter": "2022Q4", "before_yoy": 0.0, "after_quarter": "2024Q1", "after_yoy": 3.2 } } }, { "date": "2023-04-11", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest tightens teen accounts", "what": "Pinterest announced parental controls and new age checks; accounts of users under 16 are private only. The link to an NBC News investigation is TechCrunch's framing, not Pinterest's. For ages 16 to 17, Pinterest's August 2023 post says users can opt into a private or public profile; the global automatic private setting appears in an update note dated April 7, 2025.", "cards": [ "E11" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://newsroom.pinterest.com/news/teen-safety-on-pinterest/", "https://techcrunch.com/2023/04/12/after-an-investigation-exposes-its-dangers-pinterest-announces-new-safety-tools-and-parental-controls/", "https://business.pinterest.com/en-au/teen-safety-on-pinterest/" ], "confidence": "medium", "quarter": "2023Q2", "around": { "Global": { "before_quarter": "2023Q1", "before_yoy": 6.9, "after_quarter": "2024Q2", "after_yoy": 12.3 }, "UCAN": { "before_quarter": "2023Q1", "before_yoy": 1.1, "after_quarter": "2024Q2", "after_yoy": 3.2 } } }, { "date": "2023-04-25", "date_precision": "day", "actor": "Regulator", "title": "EU names Pinterest a very large online platform", "what": "The European Commission's first Digital Services Act designations covered 17 very large platforms including Pinterest (124 million monthly EU recipients at the time), with the extra duties applying from August 25, 2023.", "cards": [ "E12" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://digital-strategy.ec.europa.eu/en/news/digital-services-act-commission-designates-first-set-very-large-online-platforms-and-search-engines", "https://vlose.eu/designated/pinterest/" ], "confidence": "high", "quarter": "2023Q2", "around": { "Global": { "before_quarter": "2023Q1", "before_yoy": 6.9, "after_quarter": "2024Q2", "after_yoy": 12.3 }, "UCAN": { "before_quarter": "2023Q1", "before_yoy": 1.1, "after_quarter": "2024Q2", "after_yoy": 3.2 } } }, { "date": "2023-04-27", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest signs Amazon as first ad partner", "what": "Pinterest opened its inventory to third-party ad demand, with Amazon Ads as the first partner, announced with Q1 2023 results. Amazon is therefore both a rival for the purchase and a source of Pinterest revenue.", "cards": [ "E05" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://newsroom.pinterest.com/news/pinterest-announces-partnership-with-amazon-to-bring-third-party-ad-demand-to-the-platform/", "https://techcrunch.com/2023/04/27/pinterest-announces-multi-year-ads-partnership-with-amazon/" ], "confidence": "high", "measured_effect": { "claim": "\"For our sample of Search terms on Pinterest, we estimate the AMZN Partnership ad mix is ~30%+ and much higher when just looking at Feed ads\" (note of February 2024). Pinterest has never disclosed the revenue share.", "source": "https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36963705/is-pinterests-partnership-with-amazon-off-to-blazing-start-heres-what-analyst-found", "who": "Piper Sandler (Thomas Champion), via Benzinga" }, "quarter": "2023Q2", "around": { "Global": { "before_quarter": "2023Q1", "before_yoy": 6.9, "after_quarter": "2024Q2", "after_yoy": 12.3 }, "UCAN": { "before_quarter": "2023Q1", "before_yoy": 1.1, "after_quarter": "2024Q2", "after_yoy": 3.2 } } }, { "date": "2023-09-12", "date_precision": "day", "actor": "TikTok", "title": "TikTok Shop launches in the US", "what": "Full US launch after months of testing: a Shop tab, shoppable videos and live shopping, with checkout inside TikTok.", "cards": [ "E02" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://newsroom.tiktok.com/en-us/introducing-tiktok-shop", "https://www.reuters.com/technology/tiktok-launches-online-shopping-us-2023-09-12/" ], "confidence": "high", "quarter": "2023Q3", "around": { "Global": { "before_quarter": "2023Q2", "before_yoy": 7.4, "after_quarter": "2024Q3", "after_yoy": 11.4 }, "UCAN": { "before_quarter": "2023Q2", "before_yoy": 3.3, "after_quarter": "2024Q3", "after_yoy": 3.1 } } }, { "date": "2023-09-14", "date_precision": "day", "actor": "Google", "title": "Google September 2023 helpful content update", "what": "The update that cut traffic to many independent blogs. SISTRIX's analysis of it does not mention Pinterest, and no other report naming Pinterest as a winner or loser was found.", "cards": [ "E07" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://status.search.google.com/products/rGHU1u87FJnkP6W2GwMi/history", "https://www.sistrix.com/blog/google-helpful-content-update-september-2023/" ], "confidence": "high", "quarter": "2023Q3", "around": { "Global": { "before_quarter": "2023Q2", "before_yoy": 7.4, "after_quarter": "2024Q3", "after_yoy": 11.4 }, "UCAN": { "before_quarter": "2023Q2", "before_yoy": 3.3, "after_quarter": "2024Q3", "after_yoy": 3.1 } } }, { "date": "2023-09-19", "date_precision": "day", "actor": "Pinterest", "title": "Investor Day: 'significant headroom' to grow ad load ('a multiple' wording unverified)", "what": "At its 2023 Investor Day Pinterest said there was \"significant headroom to continue to grow ad load\", and admitted the 2021 creator-video bet hurt US engagement. This record used to say ad load could be \"a multiple\" of the current level. That wording is unverified: it was not found in the filed slides or in the third-party transcript opened. The date is verified.", "cards": [ "E09" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://investor.pinterestinc.com/news-and-events/events-and-presentations/event-details/2023/Pinterest-Investor-Day-2023-2023-zsnxhkwg8u/default.aspx", "https://www.sec.gov/Archives/edgar/data/1506293/000119312523237635/d520674dex992.htm" ], "confidence": "medium", "quarter": "2023Q3", "around": { "Global": { "before_quarter": "2023Q2", "before_yoy": 7.4, "after_quarter": "2024Q3", "after_yoy": 11.4 }, "UCAN": { "before_quarter": "2023Q2", "before_yoy": 3.3, "after_quarter": "2024Q3", "after_yoy": 3.1 } } }, { "date": "2024-02-01", "date_precision": "day", "actor": "Amazon", "title": "Amazon Rufus launches in beta (US)", "what": "A shopping chatbot in the Amazon mobile app, first for a small subset of US customers.", "cards": [ "E05" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.aboutamazon.com/news/retail/amazon-rufus", "https://techcrunch.com/2024/02/01/amazon-debuts-rufus-an-ai-shopping-assistant-in-its-mobile-app/" ], "confidence": "high", "quarter": "2024Q1", "around": { "Global": { "before_quarter": "2023Q4", "before_yoy": 10.7, "after_quarter": "2025Q1", "after_yoy": 10.0 }, "UCAN": { "before_quarter": "2023Q4", "before_yoy": 2.1, "after_quarter": "2025Q1", "after_yoy": 4.1 } } }, { "date": "2024-02-08", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest adds Google as ad partner", "what": "Announced with Q4 2023 results: Google ad demand to fill Pinterest inventory, mainly in markets Pinterest had not monetized. Google is thus both the main search rival and a revenue source.", "cards": [ "E03" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.cnbc.com/2024/02/08/pinterest-pins-q4-earnings-report-2023.html", "https://www.reuters.com/technology/pinterest-forecasts-first-quarter-revenue-below-estimates-2024-02-08/" ], "confidence": "high", "quarter": "2024Q1", "around": { "Global": { "before_quarter": "2023Q4", "before_yoy": 10.7, "after_quarter": "2025Q1", "after_yoy": 10.0 }, "UCAN": { "before_quarter": "2023Q4", "before_yoy": 2.1, "after_quarter": "2025Q1", "after_yoy": 4.1 } } }, { "date": "2024-02-13", "date_precision": "day", "actor": "OpenAI", "title": "ChatGPT memory first announced", "what": "OpenAI began testing saved memories with a small group of users. This is the first of the memory launches the card depends on.", "cards": [ "E04" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://openai.com/index/memory-and-new-controls-for-chatgpt/" ], "confidence": "medium", "quarter": "2024Q1", "around": { "Global": { "before_quarter": "2023Q4", "before_yoy": 10.7, "after_quarter": "2025Q1", "after_yoy": 10.0 }, "UCAN": { "before_quarter": "2023Q4", "before_yoy": 2.1, "after_quarter": "2025Q1", "after_yoy": 4.1 } } }, { "date": "2024-02-17", "date_precision": "day", "actor": "Regulator", "title": "Digital Services Act applies in full", "what": "From February 17, 2024 all platforms in the EU are barred from showing ads to minors based on profiling and from targeting ads using sensitive personal data.", "cards": [ "E12" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.consilium.europa.eu/en/policies/digital-services-act/", "https://commission.europa.eu/news-and-media/news/new-rules-protect-your-rights-and-activity-online-eu-2024-02-16_en" ], "confidence": "high", "quarter": "2024Q1", "around": { "Global": { "before_quarter": "2023Q4", "before_yoy": 10.7, "after_quarter": "2025Q1", "after_yoy": 10.0 }, "UCAN": { "before_quarter": "2023Q4", "before_yoy": 2.1, "after_quarter": "2025Q1", "after_yoy": 4.1 } } }, { "date": "2024-03-05", "date_precision": "day", "actor": "Google", "title": "Google March 2024 core update", "what": "A 45-day core update that folded in the helpful content system and favoured user-generated-content sites and marketplaces. Pinterest was a small winner in the UK data.", "cards": [ "E07" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://status.search.google.com/products/rGHU1u87FJnkP6W2GwMi/history", "https://www.sistrix.com/blog/google-core-spam-update-march-2024/" ], "confidence": "high", "measured_effect": { "claim": "UK Visibility Index across the update: pinterest.com 283.68 to 294.64 (+10.97 points); pinterest.co.uk 52.10 to 66.14 (+14.04).", "source": "https://www.sistrix.com/blog/google-core-spam-update-march-2024/", "who": "SISTRIX (third-party search-visibility index, UK)" }, "quarter": "2024Q1", "around": { "Global": { "before_quarter": "2023Q4", "before_yoy": 10.7, "after_quarter": "2025Q1", "after_yoy": 10.0 }, "UCAN": { "before_quarter": "2023Q4", "before_yoy": 2.1, "after_quarter": "2025Q1", "after_yoy": 4.1 } } }, { "date": "2024-05-14", "date_precision": "day", "actor": "Google", "title": "Google AI Overviews roll out to all US users", "what": "Announced at Google I/O 2024: AI-written summaries above search results for everyone in the US, with more countries to follow.", "cards": [ "E03" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://blog.google/products-and-platforms/products/search/generative-ai-google-search-may-2024/", "https://searchengineland.com/google-rolls-out-ai-overviews-in-us-with-more-countries-coming-soon-440418" ], "confidence": "high", "quarter": "2024Q2", "around": { "Global": { "before_quarter": "2024Q1", "before_yoy": 11.9, "after_quarter": "2025Q2", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2024Q1", "before_yoy": 3.2, "after_quarter": "2025Q2", "after_yoy": 4.1 } } }, { "date": "2024-07-12", "date_precision": "day", "actor": "Amazon", "title": "Rufus available to all US customers", "what": "Rufus went live for every US customer in the Amazon app.", "cards": [ "E05" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.aboutamazon.com/news/retail/how-to-use-amazon-rufus", "https://techcrunch.com/2024/07/12/amazon-ai-chatbot-rufus-is-now-live-for-all-u-s-customers/" ], "confidence": "high", "quarter": "2024Q3", "around": { "Global": { "before_quarter": "2024Q2", "before_yoy": 12.3, "after_quarter": "2025Q3", "after_yoy": 11.7 }, "UCAN": { "before_quarter": "2024Q2", "before_yoy": 3.2, "after_quarter": "2025Q3", "after_yoy": 4.0 } } }, { "date": "2024-10-01", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest launches Performance+", "what": "An automated campaign suite (targeting, bidding, creative) unveiled at Pinterest Presents.", "cards": [], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://newsroom.pinterest.com/news/introducing-new-ai-and-automation-campaign-features-to-support-advertisers/", "https://martech.org/pinterest-introduces-performance-ad-campaign-suite/" ], "confidence": "high", "quarter": "2024Q4", "around": { "Global": { "before_quarter": "2024Q3", "before_yoy": 11.4, "after_quarter": "2025Q4", "after_yoy": 11.9 }, "UCAN": { "before_quarter": "2024Q3", "before_yoy": 3.1, "after_quarter": "2025Q4", "after_yoy": 4.0 } } }, { "date": "2024-10-22", "date_precision": "day", "actor": "Press", "title": "Vox: AI images take over 'fall inspo' searches", "what": "An early mainstream story on AI-generated images topping Pinterest searches. A user petition for a 'Hide AI' button followed on Pinterest's community forum on December 3, 2024.", "cards": [ "E08" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.vox.com/culture/378855/ai-slop-fall-autumn-inspiration-vibes-pinterest", "https://community.pinterest.biz/t/petition-to-have-a-hide-ai-button-added/22229" ], "confidence": "high", "quarter": "2024Q4", "around": { "Global": { "before_quarter": "2024Q3", "before_yoy": 11.4, "after_quarter": "2025Q4", "after_yoy": 11.9 }, "UCAN": { "before_quarter": "2024Q3", "before_yoy": 3.1, "after_quarter": "2025Q4", "after_yoy": 4.0 } } }, { "date": "2024-12-11", "date_precision": "day", "actor": "Apple", "title": "iOS 18.2 ships Visual Intelligence", "what": "Visual Intelligence arrived with iOS 18.2 on December 11, 2024, alongside ChatGPT support in Apple Intelligence.", "cards": [ "E06" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.apple.com/newsroom/2024/12/apple-intelligence-now-features-image-playground-genmoji-and-more/", "https://www.macrumors.com/2024/12/11/apple-releases-ios-18-2-update/" ], "confidence": "high", "quarter": "2024Q4", "around": { "Global": { "before_quarter": "2024Q3", "before_yoy": 11.4, "after_quarter": "2025Q4", "after_yoy": 11.9 }, "UCAN": { "before_quarter": "2024Q3", "before_yoy": 3.1, "after_quarter": "2025Q4", "after_yoy": 4.0 } } }, { "date": "2025-01-19", "date_precision": "day", "actor": "TikTok", "title": "TikTok goes dark in the US for about 14 hours", "what": "The divest-or-ban law took effect on January 19, 2025. TikTok shut off US service on the evening of January 18 and restored it on January 19 after the incoming president promised a reprieve. Rival apps (RedNote, Lemon8) had a short download spike.", "cards": [ "E02" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.npr.org/2025/01/19/nx-s1-5267568/tiktok-back-online", "https://www.reuters.com/technology/tiktok-goes-dark-us-users-trump-says-save-tiktok-2025-01-19/", "https://techcrunch.com/2025/01/24/us-users-dumped-rednote-after-trump-paused-the-tiktok-ban/" ], "confidence": "high", "measured_effect": { "claim": "No visible gain or loss for Pinterest. Sensor Tower's US panel shows Pinterest weekly downloads steady at about 330K through Q1 2025 and weekly active users at about 50.5M at the end of both Q4 2024 and Q1 2025, while Lemon8 downloads peaked at 1.3M in the second week of January and then fell to 374K.", "source": "https://sensortower.com/blog/2025-q1-unified-top-5-lifestyle-units-us-600b3087241bc16eb8090944", "who": "Sensor Tower (third-party panel, app users only)" }, "quarter": "2025Q1", "around": { "Global": { "before_quarter": "2024Q4", "before_yoy": 11.0, "after_quarter": "2026Q1", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2024Q4", "before_yoy": 4.1, "after_quarter": "2026Q1", "after_yoy": 3.9 } } }, { "date": "2025-02-06", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest says it will keep raising ad load", "what": "On the Q4 2024 call management said plainly that ad load would keep rising in 2025, mainly on high-intent surfaces. The same point was made, in different words, on the Q1 2025 call on May 8, 2025.", "cards": [ "E09" ], "pinterest_said": "we see room to further grow our ad load, particularly in high-intent surfaces and verticals on our platform", "pinterest_said_source": "https://s204.q4cdn.com/369458543/files/doc_earnings/2024/q4/transcript/Q4-2024-Transcript.pdf", "sources": [ "https://s204.q4cdn.com/369458543/files/doc_earnings/2024/q4/transcript/Q4-2024-Transcript.pdf", "https://s204.q4cdn.com/369458543/files/doc_earnings/2025/q1/transcript/Q1-2025-Transcript.pdf", "https://investor.pinterestinc.com/news-and-events/events-and-presentations/event-details/2025/Fourth-Quarter-2024-Earnings-Conference-Call/default.aspx" ], "confidence": "high", "quarter": "2025Q1", "around": { "Global": { "before_quarter": "2024Q4", "before_yoy": 11.0, "after_quarter": "2026Q1", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2024Q4", "before_yoy": 4.1, "after_quarter": "2026Q1", "after_yoy": 3.9 } } }, { "date": "2025-02-26", "date_precision": "day", "actor": "Amazon", "title": "Amazon announces Alexa+", "what": "A generative-AI Alexa, $19.99 a month and free for Prime members, rolling out in the US over the following weeks starting with Echo Show devices.", "cards": [ "E05" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.aboutamazon.com/news/devices/new-alexa-generative-artificial-intelligence", "https://www.reuters.com/technology/artificial-intelligence/amazon-eyes-new-direction-alexa-with-ai-overhaul-2025-02-26/" ], "confidence": "high", "quarter": "2025Q1", "around": { "Global": { "before_quarter": "2024Q4", "before_yoy": 11.0, "after_quarter": "2026Q1", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2024Q4", "before_yoy": 4.1, "after_quarter": "2026Q1", "after_yoy": 3.9 } } }, { "date": "2025-02-27", "date_precision": "day", "actor": "Press", "title": "Futurism: 'Pinterest Is Being Strangled by AI Slop'", "what": "An investigation into AI-generated Pins that lead to ad-filled content farms. Pinterest replied in a statement and then said labels were coming.", "cards": [ "E08" ], "pinterest_said": "Impressions on generative AI content make up a small percentage of the total impressions on Pinterest", "pinterest_said_source": "https://futurism.com/pinterest-ai-slop", "sources": [ "https://futurism.com/pinterest-ai-slop" ], "confidence": "high", "quarter": "2025Q1", "around": { "Global": { "before_quarter": "2024Q4", "before_yoy": 11.0, "after_quarter": "2026Q1", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2024Q4", "before_yoy": 4.1, "after_quarter": "2026Q1", "after_yoy": 3.9 } } }, { "date": "2025-04-10", "date_precision": "day", "actor": "OpenAI", "title": "ChatGPT memory can reference all past chats", "what": "Memory was extended to draw on every earlier conversation, first for paying users; a lighter version reached free users from June 3, 2025.", "cards": [ "E04" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://arstechnica.com/ai/2025/04/chatgpt-can-now-remember-and-reference-all-your-previous-chats/", "https://openai.com/index/memory-and-new-controls-for-chatgpt/" ], "confidence": "high", "quarter": "2025Q2", "around": { "Global": { "before_quarter": "2025Q1", "before_yoy": 10.0, "after_quarter": "2026Q2", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2025Q1", "before_yoy": 4.1, "after_quarter": "2026Q2", "after_yoy": 3.9 } } }, { "date": "2025-04-16", "date_precision": "day", "actor": "Macro", "title": "Temu and Shein slash US ad spending", "what": "Reuters and CNBC reported on April 16, 2025 that Temu and Shein were sharply cutting US digital ads after the new China tariffs and ahead of the end of duty-free small parcels; eMarketer cites Temu's spend on Meta, YouTube and X down 31% in early April.", "cards": [ "E10" ], "pinterest_said": "There have been small pockets of spend that have been impacted by tariffs in recent weeks. For example, like other platforms, we have observed a reduction in spend from Asia-based e-commerce retailers in the US given the change in the de minimis exemption.", "pinterest_said_source": "https://s204.q4cdn.com/369458543/files/doc_earnings/2025/q1/transcript/Q1-2025-Transcript.pdf", "sources": [ "https://www.reuters.com/business/retail-consumer/temu-shein-slash-digital-ads-tariffs-end-cheap-shipping-china-data-show-2025-04-16/", "https://www.cnbc.com/2025/04/16/temu-cuts-us-ad-spend-drops-in-app-store-rank-after-trump-tariffs-.html", "https://www.emarketer.com/content/social-platforms-brace-revenue-hit-temu--shein-ad-spend-drops" ], "confidence": "high", "quarter": "2025Q2", "around": { "Global": { "before_quarter": "2025Q1", "before_yoy": 10.0, "after_quarter": "2026Q2", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2025Q1", "before_yoy": 4.1, "after_quarter": "2026Q2", "after_yoy": 3.9 } } }, { "date": "2025-04-23", "date_precision": "day", "actor": "Regulator", "title": "EU fines Meta \u20ac200M over pay-or-consent", "what": "The Commission found Meta's 'pay or consent' ad model breached the Digital Markets Act duty to offer a version using less personal data, and fined it \u20ac200 million (Apple was fined the same day for a separate breach).", "cards": [ "E12" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://digital-markets-act.ec.europa.eu/commission-finds-apple-and-meta-breach-digital-markets-act-2025-04-23_en", "https://digital-strategy.ec.europa.eu/en/news/commission-finds-apple-and-meta-breach-digital-markets-act" ], "confidence": "high", "quarter": "2025Q2", "around": { "Global": { "before_quarter": "2025Q1", "before_yoy": 10.0, "after_quarter": "2026Q2", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2025Q1", "before_yoy": 4.1, "after_quarter": "2026Q2", "after_yoy": 3.9 } } }, { "date": "2025-04-28", "date_precision": "day", "actor": "OpenAI", "title": "ChatGPT search adds shopping results", "what": "Product recommendations with images, prices and reviews, and links out to merchants, inside ChatGPT search.", "cards": [ "E04" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://techcrunch.com/2025/04/28/openai-upgrades-chatgpt-search-with-shopping-features/", "https://www.theverge.com/news/656729/openai-chatgpt-search-shopping" ], "confidence": "high", "quarter": "2025Q2", "around": { "Global": { "before_quarter": "2025Q1", "before_yoy": 10.0, "after_quarter": "2026Q2", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2025Q1", "before_yoy": 4.1, "after_quarter": "2026Q2", "after_yoy": 3.9 } } }, { "date": "2025-04-30", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest launches Gen AI labels", "what": "An 'AI modified' label on image Pins detected as generated or edited by AI, shown when a Pin is opened. The label was rolling out globally. A 'see fewer' option on some categories was described as an experiment to launch soon, not something shipped that day.", "cards": [ "E08" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://newsroom.pinterest.com/news/introducing-gen-ai-labels/", "https://techcrunch.com/2025/04/30/pinterest-launches-new-tools-to-fight-ai-slop/" ], "confidence": "high", "quarter": "2025Q2", "around": { "Global": { "before_quarter": "2025Q1", "before_yoy": 10.0, "after_quarter": "2026Q2", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2025Q1", "before_yoy": 4.1, "after_quarter": "2026Q2", "after_yoy": 3.9 } } }, { "date": "2025-05-02", "date_precision": "day", "actor": "Regulator", "title": "US ends de minimis for China and Hong Kong", "what": "Duty-free entry for parcels under $800 from China and Hong Kong ended at 12:01 a.m. EDT on May 2, 2025. Pinterest's comment is from the Q2 2025 call.", "cards": [ "E10" ], "pinterest_said": "Asia-based e-commerce retailers pulled back spend in the U.S. tied to the change in the de minimis exemption. But partially offsetting this headwind, we also continue to see really exciting ongoing geographic diversification from some of these and other retailers to our European and Rest of World regions.", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2025-year/2-quarter", "sources": [ "https://content.govdelivery.com/accounts/USDHSCBP/bulletins/3de903b", "https://www.reuters.com/business/autos-transportation/china-low-value-package-tariff-exemption-ends-questions-remain-over-us-2025-05-02/" ], "confidence": "high", "quarter": "2025Q2", "around": { "Global": { "before_quarter": "2025Q1", "before_yoy": 10.0, "after_quarter": "2026Q2", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2025Q1", "before_yoy": 4.1, "after_quarter": "2026Q2", "after_yoy": 3.9 } } }, { "date": "2025-05-20", "date_precision": "day", "actor": "Google", "title": "Google AI Mode rolls out to everyone in the US", "what": "Announced at Google I/O 2025: the chat-style AI Mode tab left Labs and became available to all US users, with shopping and deeper research features promised.", "cards": [ "E03" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://blog.google/products-and-platforms/products/search/google-search-ai-mode-update/", "https://techcrunch.com/2025/05/20/googles-ai-mode-rolls-out-to-us-will-add-support-for-deeper-research-comparison-shopping-and-more/" ], "confidence": "high", "quarter": "2025Q2", "around": { "Global": { "before_quarter": "2025Q1", "before_yoy": 10.0, "after_quarter": "2026Q2", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2025Q1", "before_yoy": 4.1, "after_quarter": "2026Q2", "after_yoy": 3.9 } } }, { "date": "2025-06-26", "date_precision": "day", "actor": "Google", "title": "Google launches Doppl try-on app (US)", "what": "A Google Labs app that shows an outfit from any photo on a digital version of the user. US only.", "cards": [ "E03" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://blog.google/innovation-and-ai/models-and-research/google-labs/doppl/", "https://techcrunch.com/2025/06/26/google-launches-doppl-a-new-app-that-lets-you-visualize-how-an-outfit-might-look-on-you/" ], "confidence": "high", "quarter": "2025Q2", "around": { "Global": { "before_quarter": "2025Q1", "before_yoy": 10.0, "after_quarter": "2026Q2", "after_yoy": 10.7 }, "UCAN": { "before_quarter": "2025Q1", "before_yoy": 4.1, "after_quarter": "2026Q2", "after_yoy": 3.9 } } }, { "date": "2025-07-25", "date_precision": "day", "actor": "Regulator", "title": "UK Online Safety Act child duties take effect", "what": "From July 25, 2025 services likely to be used by children must protect under-18s from harmful content, with 'highly effective' age checks required where pornography and other primary-priority content is allowed.", "cards": [ "E11" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.gov.uk/government/news/whats-changing-for-children-on-social-media-from-25-july-2025", "https://www.ofcom.org.uk/online-safety/protecting-children/age-checks-for-online-safety--what-you-need-to-know-as-a-user" ], "confidence": "high", "quarter": "2025Q3", "around": { "Global": { "before_quarter": "2025Q2", "before_yoy": 10.7, "after_quarter": "2026Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q2", "before_yoy": 4.1, "after_quarter": "2026Q3", "after_yoy": null } } }, { "date": "2025-08-01", "date_precision": "month", "actor": "Pinterest", "title": "Pinterest: 12 straight quarters of higher ad load", "what": "On the Q2 2025 call (the transcript copy dates the call August 7, 2025) management said ad load had contributed to impression growth in every quarter since mid-2022. Ad impressions grew 55% in the quarter.", "cards": [ "E09" ], "pinterest_said": "This quarter marked the 12th consecutive quarter since the middle of 2022 with our ad impressions growth being driven synergistically by both total impressions and ad load.", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2025-year/2-quarter", "sources": [ "https://www.roic.ai/quote/PINS/transcripts/2025-year/2-quarter" ], "confidence": "high", "quarter": "2025Q3", "around": { "Global": { "before_quarter": "2025Q2", "before_yoy": 10.7, "after_quarter": "2026Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q2", "before_yoy": 4.1, "after_quarter": "2026Q3", "after_yoy": null } } }, { "date": "2025-08-21", "date_precision": "day", "actor": "Google", "title": "Google AI Mode expands to 180 countries", "what": "AI Mode opened in 180 countries and territories, after earlier launches in the US, UK and India.", "cards": [ "E03" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://searchengineland.com/google-launches-ai-mode-in-180-countries-and-territories-461040" ], "confidence": "high", "quarter": "2025Q3", "around": { "Global": { "before_quarter": "2025Q2", "before_yoy": 10.7, "after_quarter": "2026Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q2", "before_yoy": 4.1, "after_quarter": "2026Q3", "after_yoy": null } } }, { "date": "2025-08-29", "date_precision": "day", "actor": "Regulator", "title": "US ends de minimis for all countries", "what": "US Customs began collecting duties on low-value parcels from every country on August 29, 2025.", "cards": [ "E10" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.cbp.gov/newsroom/national-media-release/cbp-ready-enforce-end-de-minimis-loophole-securing-borders-and", "https://www.reuters.com/world/china/us-tariff-exemption-low-value-packages-ends-with-few-hiccups-higher-costs-loom-2025-08-29/" ], "confidence": "high", "quarter": "2025Q3", "around": { "Global": { "before_quarter": "2025Q2", "before_yoy": 10.7, "after_quarter": "2026Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q2", "before_yoy": 4.1, "after_quarter": "2026Q3", "after_yoy": null } } }, { "date": "2025-09-02", "date_precision": "day", "actor": "Amazon", "title": "Amazon Lens Live launches", "what": "Point the camera at an object and get live product matches in a swipeable carousel, with Rufus summaries. Coverage describes it in the Amazon iOS app at launch.", "cards": [ "E05" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.aboutamazon.com/news/retail/search-image-amazon-lens-live-shopping-rufus", "https://techcrunch.com/2025/09/02/amazon-launches-lens-live-an-ai-powered-shopping-tool-for-use-in-the-real-world/" ], "confidence": "high", "quarter": "2025Q3", "around": { "Global": { "before_quarter": "2025Q2", "before_yoy": 10.7, "after_quarter": "2026Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q2", "before_yoy": 4.1, "after_quarter": "2026Q3", "after_yoy": null } } }, { "date": "2025-09-15", "date_precision": "day", "actor": "Apple", "title": "iOS 26: Visual Intelligence searches the screen", "what": "Pressing the screenshot buttons searches whatever is on screen 'across Google, as well as apps that integrate this experience, such as eBay, Poshmark, Etsy, and more'. Apple's release does not name Pinterest as a provider.", "cards": [ "E06" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.apple.com/newsroom/2025/09/new-apple-intelligence-features-are-available-today/", "https://www.apple.com/os/pdf/All_New_Features_iOS_26_Sept_2025.pdf" ], "confidence": "high", "quarter": "2025Q3", "around": { "Global": { "before_quarter": "2025Q2", "before_yoy": 10.7, "after_quarter": "2026Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q2", "before_yoy": 4.1, "after_quarter": "2026Q3", "after_yoy": null } } }, { "date": "2025-09-23", "date_precision": "day", "actor": "Google", "title": "Google Labs launches Mixboard mood boards", "what": "An experimental AI concepting board for home decor, events and similar ideas. TechCrunch described it as venturing into Pinterest's territory. Google has published no usage number.", "cards": [ "E03" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://blog.google/innovation-and-ai/models-and-research/google-labs/mixboard/", "https://techcrunch.com/2025/09/24/google-launches-an-ai-powered-mood-board-app-mixboard/" ], "confidence": "high", "quarter": "2025Q3", "around": { "Global": { "before_quarter": "2025Q2", "before_yoy": 10.7, "after_quarter": "2026Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q2", "before_yoy": 4.1, "after_quarter": "2026Q3", "after_yoy": null } } }, { "date": "2025-09-25", "date_precision": "day", "actor": "Regulator", "title": "US executive order approves TikTok joint venture", "what": "The US president signed an executive order approving a divestiture of TikTok's US operations to a joint venture. Date as stated in the joint venture's own January 2026 announcement.", "cards": [ "E02" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.silverlake.com/tiktok-usds-joint-venture-llc-established-in-compliance-with-u-s-regulatory-requirements/" ], "confidence": "medium", "quarter": "2025Q3", "around": { "Global": { "before_quarter": "2025Q2", "before_yoy": 10.7, "after_quarter": "2026Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q2", "before_yoy": 4.1, "after_quarter": "2026Q3", "after_yoy": null } } }, { "date": "2025-09-25", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest launches Top of Search ads (beta)", "what": "Ads in the first ten search results and Related Pins, in beta wherever Pinterest sells ads. This is the closest real counterpart to the card's 'raise ad load on search surfaces'.", "cards": [ "E09" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://newsroom.pinterest.com/news/pinterest-introduces-top-of-search-ads-and-new-advertising-tools/", "https://www.searchenginejournal.com/pinterest-launches-top-of-search-ads-in-beta/557053/" ], "confidence": "high", "quarter": "2025Q3", "around": { "Global": { "before_quarter": "2025Q2", "before_yoy": 10.7, "after_quarter": "2026Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q2", "before_yoy": 4.1, "after_quarter": "2026Q3", "after_yoy": null } } }, { "date": "2025-09-29", "date_precision": "day", "actor": "OpenAI", "title": "ChatGPT Instant Checkout launches (US)", "what": "US users could buy from Etsy sellers inside a chat, with Shopify merchants to follow, on the Agentic Commerce Protocol built with Stripe.", "cards": [ "E04" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://openai.com/index/buy-it-in-chatgpt/", "https://www.reuters.com/world/americas/openai-partners-with-etsy-shopify-chatgpt-checkout-2025-09-29/" ], "confidence": "high", "quarter": "2025Q3", "around": { "Global": { "before_quarter": "2025Q2", "before_yoy": 10.7, "after_quarter": "2026Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q2", "before_yoy": 4.1, "after_quarter": "2026Q3", "after_yoy": null } } }, { "date": "2025-09-30", "date_precision": "day", "actor": "Google", "title": "AI Mode adds visual inspiration and shopping", "what": "AI Mode started returning grids of images for conversational queries such as bedroom design inspiration, with follow-up refinement, image upload and shoppable results ('search by vibe'). US at launch.", "cards": [ "E03" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://blog.google/products-and-platforms/products/search/search-ai-updates-september-2025/", "https://www.theverge.com/news/788180/google-ai-mode-visual-search-shopping-update", "https://searchengineland.com/google-ai-mode-gets-more-visual-including-inspirational-shopping-responses-462714" ], "confidence": "high", "quarter": "2025Q3", "around": { "Global": { "before_quarter": "2025Q2", "before_yoy": 10.7, "after_quarter": "2026Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q2", "before_yoy": 4.1, "after_quarter": "2026Q3", "after_yoy": null } } }, { "date": "2025-10-07", "date_precision": "day", "actor": "Google", "title": "AI Mode adds 35+ languages, 40+ more countries", "what": "Google extended AI Mode to more than 35 new languages and over 40 new countries and territories.", "cards": [ "E03" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://blog.google/products-and-platforms/products/search/ai-mode-expands-languages-locations/" ], "confidence": "high", "quarter": "2025Q4", "around": { "Global": { "before_quarter": "2025Q3", "before_yoy": 11.7, "after_quarter": "2026Q4", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q3", "before_yoy": 4.0, "after_quarter": "2026Q4", "after_yoy": null } } }, { "date": "2025-10-16", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest adds 'see fewer AI Pins' tuner", "what": "A setting to reduce generative-AI content by category (art, beauty, fashion, home decor and others; food and drink added December 12, 2025). It reduces AI content and does not remove it.", "cards": [ "E08" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://newsroom.pinterest.com/en-gb/news/pinterest-rolls-out-new-tools-to-give-users-more-control-over-gen-ai-content/", "https://techcrunch.com/2025/10/16/pinterest-adds-controls-to-let-you-limit-the-amount-of-ai-slop-in-your-feed/", "https://www.theverge.com/news/801093/pinterest-tuner-tool-ai-content-categories" ], "confidence": "high", "quarter": "2025Q4", "around": { "Global": { "before_quarter": "2025Q3", "before_yoy": 11.7, "after_quarter": "2026Q4", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q3", "before_yoy": 4.0, "after_quarter": "2026Q4", "after_yoy": null } } }, { "date": "2025-10-30", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest Assistant launches (US beta)", "what": "A conversational, voice-first shopping assistant over the user's own boards and saves, rolling out in beta to US adults. Pinterest said it reached the vast majority of US users by the end of July 2026 and has given no usage number.", "cards": [ "E04" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://newsroom.pinterest.com/news/pinterest-assistant-revolutionizing-the-way-you-shop-online/", "https://www.theverge.com/ai-artificial-intelligence/809326/pinterest-ai-shopping-assistant-ceo-ready", "https://s204.q4cdn.com/369458543/files/doc_earnings/2026/q2/transcript/Q2-2026-Transcript.pdf" ], "confidence": "high", "quarter": "2025Q4", "around": { "Global": { "before_quarter": "2025Q3", "before_yoy": 11.7, "after_quarter": "2026Q4", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q3", "before_yoy": 4.0, "after_quarter": "2026Q4", "after_yoy": null } } }, { "date": "2025-11-04", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest Q3 2025: large US retailers pull back", "what": "Revenue grew 17% and users reached 600 million, but management said large US retailers were cutting ad spend under tariff pressure and that a new tariff on home furnishings would weigh on Q4. The stock fell 21% the next day, its second-worst day ever.", "cards": [ "E10" ], "pinterest_said": "We did face pockets of moderating ad spend in UCAN in Q3 as larger U.S. retailers navigate tariff-related margin pressure in the current environment.", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2025-year/3-quarter", "sources": [ "https://s204.q4cdn.com/369458543/files/doc_financials/2025/q3/PINS-Q3-2025-Transcript-2.pdf", "https://www.sec.gov/Archives/edgar/data/1506293/000150629325000228/q3-25xpressrelease.htm", "https://www.cnbc.com/2025/11/05/pinterest-stock-earnings-tariffs-ads.html" ], "confidence": "high", "quarter": "2025Q4", "around": { "Global": { "before_quarter": "2025Q3", "before_yoy": 11.7, "after_quarter": "2026Q4", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q3", "before_yoy": 4.0, "after_quarter": "2026Q4", "after_yoy": null } } }, { "date": "2025-11-05", "date_precision": "day", "actor": "Analyst", "title": "Rosenblatt downgrades Pinterest on chatbot risk", "what": "The day after Q3 2025 results, Rosenblatt cut Pinterest to Neutral, warning that chatbot and generative AI capabilities 'could begin to overlap with Pinterest's core use case'. It also wrote that 'Chatbots are not meaningfully in Pinterest's space today'. This is an opinion, not a measurement.", "cards": [ "E04", "E03" ], "pinterest_said": "Traditional search was always great for things like product research. And I think broad-based chatbots are sort of the next evolution of that sort of research type of shopping behavior", "pinterest_said_source": "https://s204.q4cdn.com/369458543/files/doc_financials/2025/q3/PINS-Q3-2025-Transcript-2.pdf", "sources": [ "https://www.benzinga.com/analyst-stock-ratings/downgrades/25/11/48666017/pinterests-growth-may-stall-if-chatbots-replicate-its-engagement-playbook-analyst", "https://www.cnbc.com/2025/11/05/pinterest-stock-earnings-tariffs-ads.html" ], "confidence": "high", "quarter": "2025Q4", "around": { "Global": { "before_quarter": "2025Q3", "before_yoy": 11.7, "after_quarter": "2026Q4", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q3", "before_yoy": 4.0, "after_quarter": "2026Q4", "after_yoy": null } } }, { "date": "2025-11-13", "date_precision": "day", "actor": "Google", "title": "Google launches agentic checkout ('Buy for me')", "what": "A holiday shopping update: conversational shopping in AI Mode and Gemini, agentic checkout that buys on the user's behalf, and an AI that calls stores.", "cards": [ "E03" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://blog.google/products-and-platforms/products/shopping/agentic-checkout-holiday-ai-shopping/", "https://techcrunch.com/2025/11/13/google-expands-ai-shopping-with-conversational-search-agentic-checkout-and-an-ai-that-calls-stores-for-you/" ], "confidence": "high", "quarter": "2025Q4", "around": { "Global": { "before_quarter": "2025Q3", "before_yoy": 11.7, "after_quarter": "2026Q4", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q3", "before_yoy": 4.0, "after_quarter": "2026Q4", "after_yoy": null } } }, { "date": "2025-11-24", "date_precision": "day", "actor": "OpenAI", "title": "ChatGPT 'shopping research' launches", "what": "A mode that asks clarifying questions and builds a buyer's guide, released ahead of Black Friday.", "cards": [ "E04" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://openai.com/index/chatgpt-shopping-research/", "https://www.theverge.com/news/828326/chatgpt-shopping-research-chatgpt-buyers-guide" ], "confidence": "high", "quarter": "2025Q4", "around": { "Global": { "before_quarter": "2025Q3", "before_yoy": 11.7, "after_quarter": "2026Q4", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q3", "before_yoy": 4.0, "after_quarter": "2026Q4", "after_yoy": null } } }, { "date": "2025-12-01", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest backs App Store Accountability Act", "what": "Pinterest endorsed the US federal bill that would make app stores verify ages, a model already passed in some states (Utah's version took effect May 7, 2025). No US state law that names Pinterest was found.", "cards": [ "E11" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.theverge.com/policy/830877/app-store-age-verification-act-pinterest-endorsement", "https://thehill.com/policy/technology/5628351-app-store-age-verification/", "https://le.utah.gov/xcode/Title13/Chapter76/C13-76_2025050720250507.pdf" ], "confidence": "high", "quarter": "2025Q4", "around": { "Global": { "before_quarter": "2025Q3", "before_yoy": 11.7, "after_quarter": "2026Q4", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q3", "before_yoy": 4.0, "after_quarter": "2026Q4", "after_yoy": null } } }, { "date": "2025-12-10", "date_precision": "day", "actor": "Regulator", "title": "Australia's under-16 social media ban starts", "what": "Age-restricted platforms must take reasonable steps to keep under-16s from holding accounts. Pinterest is outside the rule: on November 21, 2025 the eSafety regulator added Twitch to the banned list and excluded Pinterest.", "cards": [ "E11" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.esafety.gov.au/about-us/industry-regulation/social-media-age-restrictions", "https://techcrunch.com/2025/11/21/australia-adds-twitch-to-teen-social-media-ban-pinterest-exempted/", "https://www.abc.net.au/news/2025-12-10/australias-social-media-ban-for-under-16s-starts-today/106119800" ], "confidence": "high", "quarter": "2025Q4", "around": { "Global": { "before_quarter": "2025Q3", "before_yoy": 11.7, "after_quarter": "2026Q4", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q3", "before_yoy": 4.0, "after_quarter": "2026Q4", "after_yoy": null } } }, { "date": "2025-12-24", "date_precision": "day", "actor": "Press", "title": "WIRED: 'Pinterest Users Are Tired of All the AI Slop'", "what": "The second coverage wave, after the controls shipped. WIRED also counted ads: on a fresh account, over 40 percent of the first 73 Pins for 'ballet pumps' were ads.", "cards": [ "E08", "E09" ], "pinterest_said": "While many people enjoy GenAI content on Pinterest, we know some want to see less of it", "pinterest_said_source": "https://www.wired.com/story/pinterst-ai-slop-content/", "sources": [ "https://www.wired.com/story/pinterst-ai-slop-content/" ], "confidence": "high", "quarter": "2025Q4", "around": { "Global": { "before_quarter": "2025Q3", "before_yoy": 11.7, "after_quarter": "2026Q4", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q3", "before_yoy": 4.0, "after_quarter": "2026Q4", "after_yoy": null } } }, { "date": "2026-01-01", "date_precision": "month", "actor": "TikTok", "title": "TikTok Shop opens Shoppable Photos", "what": "Creators and brands can tag products on photo carousels (two or more images); the posts appear in the For You feed, Search and the Shop tab with in-app checkout. Reported on January 18, 2026; an invite-only version for affiliates existed from about April 2024. TikTok's US seller pages still called 'Shoppable Carousel' a beta for select sellers in September 2026. Exact rollout date and regions not confirmed.", "cards": [ "E02" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.lindseygamble.com/blog/tiktok-shop-expands-to-shoppable-photos", "https://brandsmeetcreators.com/blog/shoppable-photos-invite-only-tiktok-shop-affiliate-feature", "https://seller-us.tiktok.com/university/essay?knowledge_id=6866148174104334&lang=en" ], "confidence": "low", "quarter": "2026Q1", "around": { "Global": { "before_quarter": "2025Q4", "before_yoy": 11.9, "after_quarter": "2027Q1", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q4", "before_yoy": 4.0, "after_quarter": "2027Q1", "after_yoy": null } } }, { "date": "2026-01-22", "date_precision": "day", "actor": "TikTok", "title": "TikTok US joint venture closes; ban risk ends", "what": "TikTok USDS Joint Venture LLC was established on January 22, 2026 (press reported it on January 23). Oracle, Silver Lake and MGX together hold 45%. This ended the US ban threat.", "cards": [ "E02" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.silverlake.com/tiktok-usds-joint-venture-llc-established-in-compliance-with-u-s-regulatory-requirements/", "https://www.reuters.com/world/china/tiktok-reaches-deal-new-us-joint-venture-avoid-american-ban-2026-01-23/", "https://www.axios.com/2026/01/23/tiktok-deal-trump-app-ban" ], "confidence": "high", "quarter": "2026Q1", "around": { "Global": { "before_quarter": "2025Q4", "before_yoy": 11.9, "after_quarter": "2027Q1", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q4", "before_yoy": 4.0, "after_quarter": "2027Q1", "after_yoy": null } } }, { "date": "2026-01-28", "date_precision": "day", "actor": "Analyst", "title": "SISTRIX: Pinterest UK search visibility fell in 2025", "what": "SISTRIX's yearly list of UK losers, published January 28, 2026, includes pinterest.com. It names no single Google update as the cause. (The 99.7% fall of pinterest.co.uk in its 2024 list was a domain migration, not a loss.)", "cards": [ "E07" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.sistrix.com/blog/indexwatch-2025-uk-losers/", "https://www.sistrix.com/blog/indexwatch-2024-uk-domain-losers/" ], "confidence": "medium", "measured_effect": { "claim": "pinterest.com UK Visibility Index fell from 296.98 to 270.01 during 2025 (-26.98 points, about -9%).", "source": "https://www.sistrix.com/blog/indexwatch-2025-uk-losers/", "who": "SISTRIX (third-party search-visibility index, UK)" }, "quarter": "2026Q1", "around": { "Global": { "before_quarter": "2025Q4", "before_yoy": 11.9, "after_quarter": "2027Q1", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q4", "before_yoy": 4.0, "after_quarter": "2027Q1", "after_yoy": null } } }, { "date": "2026-02-09", "date_precision": "day", "actor": "OpenAI", "title": "ChatGPT starts showing ads (US test)", "what": "OpenAI began testing sponsored placements for US users on the Free and Go tiers.", "cards": [ "E04" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://techcrunch.com/2026/02/09/chatgpt-rolls-out-ads/", "https://searchengineland.com/openai-starts-testing-chatgpt-ads-468593" ], "confidence": "high", "quarter": "2026Q1", "around": { "Global": { "before_quarter": "2025Q4", "before_yoy": 11.9, "after_quarter": "2027Q1", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q4", "before_yoy": 4.0, "after_quarter": "2027Q1", "after_yoy": null } } }, { "date": "2026-02-12", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest on chatbots: users still at records", "what": "On the Q4 2025 call management answered the chatbot question directly and claimed more than 80 billion monthly searches, which TechCrunch reported as a claim of more searches than ChatGPT. This is the company's standing answer; it is not a measurement of displacement.", "cards": [ "E04", "E03" ], "pinterest_said": "During that same period when AI chatbots were scaling, we reported 10 consecutive quarters of record high MAUs, 100% of which are logged in", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2025-year/4-quarter", "sources": [ "https://www.roic.ai/quote/PINS/transcripts/2025-year/4-quarter", "https://techcrunch.com/2026/02/12/amid-disappointing-earnings-pinterest-claims-it-sees-more-searches-than-chatgpt/" ], "confidence": "high", "quarter": "2026Q1", "around": { "Global": { "before_quarter": "2025Q4", "before_yoy": 11.9, "after_quarter": "2027Q1", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q4", "before_yoy": 4.0, "after_quarter": "2027Q1", "after_yoy": null } } }, { "date": "2026-02-12", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest Q4 2025 miss blamed on tariffs", "what": "Pinterest missed on Q4 revenue and guided Q1 2026 below estimates. Shares closed nearly 17% lower on February 13, 2026. Pinterest reported record users in the same quarter; that does not show what users would have been without the shock.", "cards": [ "E10" ], "pinterest_said": "Many of the largest retailers have been disproportionately hit by tariffs and have been pulling back on advertising spend across the industry as they seek to protect their margins. Our higher mix of large retailers relative to some of our peers has resulted in us feeling more of an impact.", "pinterest_said_source": "https://www.roic.ai/quote/PINS/transcripts/2025-year/4-quarter", "sources": [ "https://www.roic.ai/quote/PINS/transcripts/2025-year/4-quarter", "https://www.cnbc.com/2026/02/12/pinterest-pins-q4-earnings-report-2025.html", "https://www.cnbc.com/2026/02/13/-pinterest-stock-price-tariff-earnings-layoffs.html" ], "confidence": "high", "quarter": "2026Q1", "around": { "Global": { "before_quarter": "2025Q4", "before_yoy": 11.9, "after_quarter": "2027Q1", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q4", "before_yoy": 4.0, "after_quarter": "2027Q1", "after_yoy": null } } }, { "date": "2026-02-17", "date_precision": "day", "actor": "Press", "title": "The Information: Pinterest 'code reds' over growth", "what": "The Information reported that Pinterest called internal 'code reds' to revive growth amid the AI threat. Only the headline was readable (paywall); details are anonymous-source reporting.", "cards": [ "E04" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.theinformation.com/articles/code-reds-ai-debates-pinterests-two-front-battle" ], "confidence": "low", "quarter": "2026Q1", "around": { "Global": { "before_quarter": "2025Q4", "before_yoy": 11.9, "after_quarter": "2027Q1", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q4", "before_yoy": 4.0, "after_quarter": "2027Q1", "after_yoy": null } } }, { "date": "2026-02-19", "date_precision": "day", "actor": "Press", "title": "404 Media: Pinterest 'drowning' in AI slop", "what": "A third wave: artists report AI content and automated moderation taking down human work. Mashable followed on February 21, 2026. No measured user loss has been published; reported users kept rising through all three waves.", "cards": [ "E08" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.404media.co/pinterest-is-drowning-in-a-sea-of-ai-slop-and-auto-moderation/", "https://mashable.com/article/pinterest-ai-slop-moderation" ], "confidence": "high", "quarter": "2026Q1", "around": { "Global": { "before_quarter": "2025Q4", "before_yoy": 11.9, "after_quarter": "2027Q1", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q4", "before_yoy": 4.0, "after_quarter": "2027Q1", "after_yoy": null } } }, { "date": "2026-03-24", "date_precision": "day", "actor": "OpenAI", "title": "OpenAI pivots away from Instant Checkout", "what": "OpenAI rolled out a more visual product-discovery and comparison experience after, in CNBC's words, struggling with and pivoting away from Instant Checkout.", "cards": [ "E04" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.cnbc.com/2026/03/24/openai-revamps-shopping-experience-in-chatgpt-after-instant-checkout.html", "https://openai.com/index/powering-product-discovery-in-chatgpt/" ], "confidence": "high", "quarter": "2026Q1", "around": { "Global": { "before_quarter": "2025Q4", "before_yoy": 11.9, "after_quarter": "2027Q1", "after_yoy": null }, "UCAN": { "before_quarter": "2025Q4", "before_yoy": 4.0, "after_quarter": "2027Q1", "after_yoy": null } } }, { "date": "2026-04-30", "date_precision": "day", "actor": "Google", "title": "Google shuts down Doppl", "what": "Google announced on March 23, 2026 that Doppl would close on April 30, 2026, less than a year after launch; try-on continues inside Search and Shopping. Dates from secondary coverage; no Google post was opened.", "cards": [ "E03" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://jetstream.blog/en/google-doppl-shut-down-end-of-april-2026/", "https://genlook.app/blog/google-doppl-shuts-down-migration" ], "confidence": "medium", "quarter": "2026Q2", "around": { "Global": { "before_quarter": "2026Q1", "before_yoy": 10.7, "after_quarter": "2027Q2", "after_yoy": null }, "UCAN": { "before_quarter": "2026Q1", "before_yoy": 3.9, "after_quarter": "2027Q2", "after_yoy": null } } }, { "date": "2026-05-04", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest Q1 2026: chatbots used for other things", "what": "Asked about AI chatbots on the Q1 2026 call, the CEO said users use both, for different jobs, and cited ChatGPT's own figure that about 2% of prompts are commercial. Call date taken from the repo's transcript link.", "cards": [ "E04" ], "pinterest_said": "at the same time chatbots have grown in popularity over the last few years, we've put up ten straight quarters of double-digit user growth and deepening engagement per user. Users, including Gen Z, they're engaging with chatbots and Pinterest at the same time, but for very different things.", "pinterest_said_source": "https://s204.q4cdn.com/369458543/files/doc_earnings/2026/q1/transcript/Q1-2026-Transcript.pdf", "sources": [ "https://s204.q4cdn.com/369458543/files/doc_earnings/2026/q1/transcript/Q1-2026-Transcript.pdf", "https://www.fool.com/earnings/call-transcripts/2026/05/04/pinterest-pins-q1-2026-earnings-call-transcript/" ], "confidence": "high", "quarter": "2026Q2", "around": { "Global": { "before_quarter": "2026Q1", "before_yoy": 10.7, "after_quarter": "2027Q2", "after_yoy": null }, "UCAN": { "before_quarter": "2026Q1", "before_yoy": 3.9, "after_quarter": "2027Q2", "after_yoy": null } } }, { "date": "2026-05-13", "date_precision": "day", "actor": "Amazon", "title": "Rufus becomes 'Alexa for Shopping'", "what": "Amazon merged Rufus and Alexa+ into Alexa for Shopping across the Amazon app and website, and retired the Rufus name.", "cards": [ "E05" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.aboutamazon.com/news/retail/alexa-for-shopping-ai-assistant", "https://www.cnbc.com/2026/05/13/amazon-ditches-rufus-ai-chatbot-in-favor-of-alexa-shopping-agent.html" ], "confidence": "high", "quarter": "2026Q2", "around": { "Global": { "before_quarter": "2026Q1", "before_yoy": 10.7, "after_quarter": "2027Q2", "after_yoy": null }, "UCAN": { "before_quarter": "2026Q1", "before_yoy": 3.9, "after_quarter": "2027Q2", "after_yoy": null } } }, { "date": "2026-05-19", "date_precision": "day", "actor": "Google", "title": "Google I/O 2026: Universal Cart, agentic shopping", "what": "Google announced a cross-merchant Universal Cart that tracks prices and applies discounts, as the base for agentic shopping across Search and Gemini.", "cards": [ "E03" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://blog.google/products-and-platforms/products/shopping/google-shopping-cart/", "https://www.theverge.com/news/932927/google-io-agentic-ai-shopping-universal-cart" ], "confidence": "high", "quarter": "2026Q2", "around": { "Global": { "before_quarter": "2026Q1", "before_yoy": 10.7, "after_quarter": "2027Q2", "after_yoy": null }, "UCAN": { "before_quarter": "2026Q1", "before_yoy": 3.9, "after_quarter": "2027Q2", "after_yoy": null } } }, { "date": "2026-06-17", "date_precision": "day", "actor": "Pinterest", "title": "Pinterest launches 'Ask Pinterest' test app", "what": "An experimental, limited-access AI shopping app with conversational queries.", "cards": [ "E04" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://techcrunch.com/2026/06/17/pinterest-launches-an-experimental-ai-shopping-app-called-ask-pinterest/", "https://www.retaildive.com/news/pinterest-introduces-experimental-ai-app-ask-pinterest/823254/" ], "confidence": "high", "quarter": "2026Q2", "around": { "Global": { "before_quarter": "2026Q1", "before_yoy": 10.7, "after_quarter": "2027Q2", "after_yoy": null }, "UCAN": { "before_quarter": "2026Q1", "before_yoy": 3.9, "after_quarter": "2027Q2", "after_yoy": null } } }, { "date": "2026-07-01", "date_precision": "day", "actor": "Regulator", "title": "EU \u20ac3 duty on low-value parcels starts", "what": "A flat \u20ac3 customs duty per item on parcels under \u20ac150 from outside the EU, in force from July 1, 2026 to July 1, 2028. Pinterest's Q2 2026 comment (August 4, 2026) blames 'regulatory actions, particularly in Europe' without naming this duty; Europe revenue growth slowed to 12%.", "cards": [ "E12", "E10" ], "pinterest_said": "we faced incremental pressure mid-quarter from Asia-based cross-border retailers impacted by regulatory actions, particularly in Europe, and that pressure is continuing in the third quarter.", "pinterest_said_source": "https://s204.q4cdn.com/369458543/files/doc_earnings/2026/q2/transcript/Q2-2026-Transcript.pdf", "sources": [ "https://taxation-customs.ec.europa.eu/news/guidance-and-legal-text-temporary-flat-fee-low-value-imports-which-will-apply-until-1-july-2028-2026-06-08_en", "https://commission.europa.eu/news-and-media/news/ensuring-fairness-and-safety-eur3-customs-duty-low-value-parcels-2026-06-29_en", "https://ppc.land/pinterest-europe-ad-growth-drops-to-12-after-regulators-hit-asian-sellers/" ], "confidence": "high", "quarter": "2026Q3", "around": { "Global": { "before_quarter": "2026Q2", "before_yoy": 10.7, "after_quarter": "2027Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2026Q2", "before_yoy": 3.9, "after_quarter": "2027Q3", "after_yoy": null } } }, { "date": "2026-07-14", "date_precision": "day", "actor": "Google", "title": "Google Images gets a Pinterest-like redesign", "what": "Google Images became a browsable, personalized gallery with saved collections shown as tabs. TechCrunch framed it as taking on Pinterest. No measurement of any effect on Pinterest was found.", "cards": [ "E03", "E01" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://blog.google/products-and-platforms/products/search/google-images-25th-anniversary/", "https://techcrunch.com/2026/07/14/google-images-gets-a-pinterest-like-redesign-focused-on-discovery/" ], "confidence": "high", "quarter": "2026Q3", "around": { "Global": { "before_quarter": "2026Q2", "before_yoy": 10.7, "after_quarter": "2027Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2026Q2", "before_yoy": 3.9, "after_quarter": "2027Q3", "after_yoy": null } } }, { "date": "2026-09-14", "date_precision": "day", "actor": "Apple", "title": "iOS 27 moves Visual Intelligence into Camera", "what": "iOS 27 put Visual Intelligence in the Camera app, extended it to iPad and Mac, and has the new Siri answer questions that used to be handed to ChatGPT. Image search still goes to Google; shopping apps named by MacRumors are Etsy, Amazon and Anthropologie. Pinterest is not named.", "cards": [ "E06" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://www.apple.com/newsroom/2026/09/major-updates-for-apples-software-platforms-are-now-available/", "https://www.macrumors.com/guide/ios-27-visual-intelligence/", "https://www.macrumors.com/2026/09/14/apple-releases-ios-27/" ], "confidence": "high", "quarter": "2026Q3", "around": { "Global": { "before_quarter": "2026Q2", "before_yoy": 10.7, "after_quarter": "2027Q3", "after_yoy": null }, "UCAN": { "before_quarter": "2026Q2", "before_yoy": 3.9, "after_quarter": "2027Q3", "after_yoy": null } } }, { "date": "2026-10-05", "date_precision": "day", "actor": "OpenAI", "title": "OpenAI announces image-led ads in ChatGPT", "what": "OpenAI presented a picture-led ad unit that will first run while people generate images, with a US test due later in October 2026.", "cards": [ "E04" ], "pinterest_said": null, "pinterest_said_source": null, "sources": [ "https://ppc.land/openai-to-test-ads-during-chatgpt-image-generation-in-us-this-month/", "https://9to5google.com/2026/10/05/chatgpt-is-adding-new-ads/" ], "confidence": "medium", "quarter": "2026Q4", "around": { "Global": { "before_quarter": "2026Q3", "before_yoy": null, "after_quarter": "2027Q4", "after_yoy": null }, "UCAN": { "before_quarter": "2026Q3", "before_yoy": null, "after_quarter": "2027Q4", "after_yoy": null } } } ], "cards": { "E01": { "relation": "inspired by", "real": "Instagram has had saved posts since December 2016, private collections since April 2017 and shared collections since March 2023. No Instagram launch of searchable saved-ideas boards was found up to October 2026.", "card": "A launch that has not happened: Instagram turns saves into a searchable ideas space. The card asks what a further step would do on top of today's Pinterest, which already lives alongside every real launch listed here.", "engine": "Moves a share of collecting and comparing occasions to a rival for everyone who has those projects. The research describes women under 35 who use both apps, but the engine has no such targeting, so the card is broader than the idea behind it.", "size": "Assumed, by analogy with Instagram Stories against Snapchat in 2016. That is a different product and a different victim.", "record": "Nobody has published a measurement of any Instagram launch's effect on Pinterest, and Pinterest has never commented on one." }, "E02": { "relation": "partial counterpart", "real": "TikTok Shop opened in the US in September 2023. Photo carousels arrived in October 2022. Shoppable photos are reported from secondary sources only, around January 2026.", "card": "A further expansion of shoppable photo carousels from today, not the 2023 launch itself. Today's Pinterest baseline already includes three years of TikTok Shop.", "engine": "Moves a share of deciding and buying occasions in four journeys to a rival for everyone with those projects, and trims advertiser demand. The research describes people under 35; the engine does not target by age.", "size": "Assumed. TikTok Shop's own sales growth is measured; its effect on Pinterest is not.", "record": "Pinterest said in February 2022 that time on competing video apps contributed to its user decline, with no number. During TikTok's 14-hour US blackout in January 2025 an app panel showed no visible change in Pinterest's US downloads or weekly users." }, "E03": { "relation": "partial counterpart", "real": "Google AI Overviews reached all US users in May 2024 and AI Mode in May 2025. AI Mode added visual inspiration and shopping in September 2025, and Google Images was redesigned to look like Pinterest in July 2026. Doppl launched in June 2025 and shut in April 2026.", "card": "The next step from today: visual moodboards and shopping become part of default Google search. Most of the pieces exist as separate launches; the card assumes they are joined up and switched on for everyone.", "engine": "Cuts new and returning users arriving through search, and moves a share of compare and decide occasions in four journeys.", "size": "The drop in clicks when an AI summary appears is measured on other sites. How much of that reaches Pinterest is assumed.", "record": "No measurement of any of these launches on Pinterest was found. Pinterest's own line is that users kept reaching record highs while chatbots and AI search grew." }, "E04": { "relation": "partial counterpart", "real": "ChatGPT added shopping results in April 2025, Instant Checkout in September 2025 (scaled back in March 2026), shopping research in November 2025 and a US ads test in February 2026.", "card": "A stronger version from today: shopping with memory and visual results. The real launches are already in today's Pinterest baseline.", "engine": "Moves a share of compare and decide occasions in five journeys for everyone with those projects, and trims advertiser demand. The research describes adults 18 to 44 who use AI weekly; the engine does not target them.", "size": "Assumed, from surveys about where people start shopping research.", "record": "No measurement found. Pinterest has only denied an effect: 'During that same period when AI chatbots were scaling, we reported 10 consecutive quarters of record high MAUs.' An analyst downgraded the stock on chatbot risk in November 2025, which is an opinion, not a measurement." }, "E05": { "relation": "partial counterpart", "real": "Amazon's Rufus went to all US customers in July 2024, Lens Live launched in September 2025, and Rufus became Alexa for Shopping in May 2026. Amazon has also been an advertising partner of Pinterest since April 2023.", "card": "Amazon captures more of 'see it, buy it' from today.", "engine": "Moves a small share of occasions in three journeys; the advertiser-demand change can go either way because Amazon also buys ads on Pinterest.", "size": "Assumed.", "record": "No measurement of user effects found. One analyst estimated Amazon at about 30% of ads on sampled Pinterest searches in February 2024, which is about revenue, not rivalry." }, "E06": { "relation": "inspired by", "real": "Apple's Visual Intelligence shipped in December 2024, could search what is on screen from September 2025, and moved into the Camera in September 2026. Pinterest is not named as a provider in the pages read.", "card": "Visual-search starts move outside the Pinterest app on iPhones.", "engine": "Moves a share of occasions in two journeys for everyone; it does not single out iPhone users.", "size": "Assumed. There is no usage data for any provider.", "record": "Nothing measured and no Pinterest statement." }, "E07": { "relation": "direct precedent", "real": "Google's core update of November 2021. Pinterest said more than half of that quarter's fall in US monthly users came from it, and in April 2022 that the usual early-year rise in new and returning users through search did not arrive ('we just didn't see that happen in the first quarter'). Other updates went the other way: May 2020 and March 2024 helped Pinterest's search visibility.", "card": "The same kind of shock happening again from today.", "engine": "Cuts new and returning users arriving through search by a sampled fraction for the length of the run. Nothing else changes.", "size": "The direction and rough size come from Pinterest's own statement. That statement is the company's attribution, not an experiment, and the share of sign-ups that come through search is not public.", "record": "This is the only rival action Pinterest has ever put a number on." }, "E08": { "relation": "partial counterpart", "real": "Press coverage of AI-generated images flooding Pinterest ran from October 2024 through February 2026. Pinterest added AI labels in April 2025 and a 'see fewer AI Pins' control in October 2025.", "card": "A larger wave than any so far, with core users leaving faster.", "engine": "Raises the leaving rate for people marked as averse to AI content and moves a few occasions.", "size": "Assumed, from backlashes on other platforms.", "record": "No measured user loss. Reported users kept rising through the coverage. Pinterest says AI content is 'a small percentage of the total impressions'." }, "E09": { "relation": "direct precedent", "real": "Pinterest has raised ad load for years and says so: 12 straight quarters of growth by mid 2025, and 'we see room to further grow our ad load'.", "card": "Pinterest's own choice, not a rival's: 10% more ads on search surfaces.", "engine": "Adds the ads and slowly lowers how often people return.", "size": "The cost to usage is tuned to experiments on Facebook, Instagram and Pandora. No Pinterest experiment is public.", "record": "An app panel put US ads per session up 47% in a year in early 2024 while users still grew. That says the cost was not large enough to stop growth; it does not say there was none." }, "E10": { "relation": "direct precedent", "real": "Spring 2020: revenue grew 4% while users grew 39%. From April 2025: tariffs and the end of duty-free small parcels; Pinterest described the lost spending on four earnings calls.", "card": "A shock of that kind from today.", "engine": "Lowers advertiser demand. Users are not touched.", "size": "The range spans the revenue moves reported around the two real episodes. How much of each move the shock caused is management's attribution, not a measurement.", "record": "Pinterest's reported revenue moved in both episodes and management put it down to advertisers pulling back, twice, in its own words. What revenue would have been otherwise is not known." }, "E11": { "relation": "inspired by", "real": "Australia's under-16 ban started in December 2025 and the UK's child-safety duties in July 2025. Australia's regulator lists Pinterest as outside its rule.", "card": "A teen limit that does reach Pinterest. No such rule exists yet.", "engine": "Gates under-18s in the US and Canada. The real rules are in Australia and the UK, so this is a different place as well as a hypothetical.", "size": "The mechanism is real; whether and where it reaches Pinterest is assumed, and the share of Pinterest users under 18 is itself an estimate.", "record": "Nothing measured on Pinterest." }, "E12": { "relation": "partial counterpart", "real": "The Digital Services Act applied in full from February 2024, Meta was fined over pay-or-consent in April 2025, and an EU duty on low-value parcels started in July 2026.", "card": "A rule that cuts ad prices or cross-border retail demand in Europe.", "engine": "Lowers advertiser demand in Europe only.", "size": "Assumed, by analogy with what Apple's tracking change cost Meta.", "record": "In mid 2026 Pinterest reported pressure from Asia-based retailers 'impacted by regulatory actions, particularly in Europe', with no number." } } }