Pinterest’s monthly active users hit a record level of 482 million users, exceeding pandemic highs, driven by Gen Z users flocking to the platform and bringing with them advertisers.
The image-sharing platform, dubbed ‘Gen Z’s favourite’ by Vogue Business, saw a premarket trading surge of 17% on Tuesday, Reuters reported.
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Pinterest CEO Bill Ready told CNBC’s Jim Cramer, following its September earnings report, that the company is seeing significant user growth among Gen Z.
“Most noteworthy, it was our best user growth quarter in more than two years,” Ready said. “Gen Z is our fastest-growing cohort, and they’re engaging more deeply than prior cohorts.”
Leading social media platforms, such as Facebook and Twitter, have struggled to retain advertisers amid regulatory turmoil surrounding their content moderation.
Elon Musk’s change to X’s content moderation policy made it difficult to convince brands that the social media platform was safe to host ads, X’s former head of brand safety and ad quality has revealed.
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By GlobalDataAfter Musk purchased the platform many advertisers began to flee the platform, in what was deemed an “apocalypse” for the site.
TikTok meanwhile has come under fire for its personalised ads practices which targeted underaged users.
Big Tech has also struggled with mass layoffs, cutting thousands of jobs since 2022, with layoffs continuing throughout 2023. Pinterest axed 150 employees in February this year, around 5% of its workforce, following a first round of cuts in December 2022.
Meta, Microsoft, and Amazon announced significant downsizing of staff as a slow economy ended their pandemic-driven recruiting sprees. According to Layoffs.fyi, the tech sector has axed 244,963 employees at 1072 tech companies.
