Pinterest, Inc. Class A Common Stock Goldman Sachs Communacopia + Technology Conference 2026

Yeah, absolutely. The headlines, Pinterest has become an AI-driven shopping assistant for 640 million plus users, becoming one of the fastest-growing platforms in social media, consistent double-digit growth in users, strong engagement growth. At the core of that has been the actionability that you just mentioned. Coming into Pinterest four years ago, it was pretty much a platform for visual discovery and browsing, but it wasn't a place to buy things. It's now the case that more than half the users that come to our platform are there to shop. Gen Z is the largest, fastest-growing cohort, more than half our users, and primary use case is shopping.

At the core of that is making it so that you can discover more of what you're looking for, make more of those purchases, and that has been at the core of the revitalization of the platform, both in terms of the user side of it, where we're getting much deeper engagement, particularly with those Gen Z users. Stated simply, Pinterest is where Gen Z goes to shop, and it's a place that they're thinking of as a first place to go search increasingly as well. There's an Adobe study that we've cited previously that 39% of Gen Z thinks of Pinterest as the first place to go search. Why? 71% of Gen Z sees Pinterest as more personalized than other places to go search.

At the core of it is it's not just us using AI, it's us using really unique data that we get around the human curation on our platform. AI doesn't have style and taste on its own, humans do, but that's what people do on our platform is curate that style and taste, and we've used AI to really superpower our recommendations to users, giving them great recommendations before they even know what they're looking for, that users will say, "Oh my gosh, Pinterest just gets me.

Yeah. And increasingly make it so that they can shop and buy.

That is why now you see that from a platform that was almost entirely upper funnel ads 4 years ago, we have talked consistently about two-thirds plus of the business is lower funnel performance. We talked about more than 5x the number of clicks to advertisers over the last 3 years. Those things all get to the deep actionability on the platform. We have had great progress there. At the same time, in the course of monetizing a platform like this, we are still relatively early on. There is still a lot more opportunity. One of the strongest parts of the story has been our growth and user engagement, and then the monetization, I talked about the shift to lower funnel. We have made great progress on that, especially in our home market here in the U.S.

But then international, where we have more than 80% of our users, still roughly 20% of our monetization, so a lot more of that to go there. When I sort of look at the progress, we have clearly proven out Pinterest as a shopping destination, clearly proven out we can make it actionable, clearly proven out that we have differentiated signal to train the AI on to give fantastic recommendations to users so they want to come back and shop more. That is a global phenomenon. Then the monetization always follows in behind the user behavior, and so we have made great progress in the U.S. We are translating more of that international, but there is a lot more of that to do.

Yeah, certainly. Having built from zero to many billions multiple times, these things are like relay races, right? You think about what's the team and the things you need to do for each leg of the race. I touched on this a little bit in the last comment of what were the things that we needed to address? Four years ago, this was basically a single product platform in a single geography, and we're now moving into multiple products, many more geographies, much greater complexity, and we've been building up a team for that leg of the race.