It’s that time of the year again with apps releasing performance updates and the latest to showcase their results was Pinterest.
The latest results featured some not so great figures for the company as it showed revenue increasing on an annual basis but at the same time, a fall in profits for each quarter was seen.
But it was interesting and great to see how the app’s popularity has returned as it recorded a whopping two million new subscribers.
Still, the figures were not as high as expected because the app performed brilliantly during the pandemic when users had nothing better to do than scroll through their screens.
The report featured a number of insights that delineated the decline in usage, from what it was during the pandemic and after looking at the current scenario now. Clearly, at that time, Pinterest reigned supreme as the leader in the world of e-commerce as lockdowns and other social distancing measures took center stage.
People enjoyed the app as they were more willing to shop online than go outside, hence browsing on Pinterest was the call of the day. During that time, the app saw a whopping 478 million subscribers but that has trickled down to just 433 million right now.
During the first quarter of this year, Pinterest delineated declines in engagement as the pandemic pushed up growth to new levels. Now, the app is suffering from lower traffic as well due to a sudden alteration in Google’s algorithm.
But when looking at other competitive apps, Pinterest also fared poorly against them, especially for the desktop version of the platform. Meanwhile, mobile app versions still managed to deliver resiliently.
One reason being given could be the current conflict in Ukraine but with that said, it isn’t too bad of a picture. The company does have a strong user base that can be used to play advertisements for various brands.
The ultimate goal for the platform is to attract all types of users who will consider the app an ideal destination for online shopping.
Another worthwhile point to note in this context has to do with Google trying to achieve the same objective. And if that’s the case, it wouldn’t be too long before we see the tech giant drastically affecting Pinterest’s results again.
This is where the problem relating to anti-competitive behavior comes from and the platform is yet to address how it plans on fighting off such issues and which strategies could come into play.
As far as the company’s revenue is concerned, it’s doing pretty good in that respect, although we did see declines in quarterly results. Pinterest says the decline could mostly be related to a fall in the number of active users.
Statistics from the company have highlighted how big of a reliance the app has on its target market in North America. And the fact that it’s expanding means greater opportunities around the globe.
While all companies experience their fair share of highs and lows, one thing is for sure. This app has the potential to mark out a niche within today’s eCommerce industry. And that means it’s a virtual shopping haven for so many artisan goods.
Over time, we’ve seen the app experiment with different tools such as Idea Pins which have shown great promise. Similarly, we witnessed active pinners make use of the platform for their shopping decisions and that is something that must be highlighted.
Is that enough for Pinterest to achieve the growth that it hopes for? Can the app get back on track in terms of being crowned as users’ shopping companions?
Well, it always depends on the target market involved, and sometimes, the amount of users you have doesn’t really make a big difference. With that said, the results are out but there’s a lot of work that needs to be done.
Read next: TikTok’s Striking Performance in 1st Quarter of 2022; became the most downloaded app and Outclass 3.5 billion installs record
The latest results featured some not so great figures for the company as it showed revenue increasing on an annual basis but at the same time, a fall in profits for each quarter was seen.
But it was interesting and great to see how the app’s popularity has returned as it recorded a whopping two million new subscribers.
Still, the figures were not as high as expected because the app performed brilliantly during the pandemic when users had nothing better to do than scroll through their screens.
The report featured a number of insights that delineated the decline in usage, from what it was during the pandemic and after looking at the current scenario now. Clearly, at that time, Pinterest reigned supreme as the leader in the world of e-commerce as lockdowns and other social distancing measures took center stage.
People enjoyed the app as they were more willing to shop online than go outside, hence browsing on Pinterest was the call of the day. During that time, the app saw a whopping 478 million subscribers but that has trickled down to just 433 million right now.
During the first quarter of this year, Pinterest delineated declines in engagement as the pandemic pushed up growth to new levels. Now, the app is suffering from lower traffic as well due to a sudden alteration in Google’s algorithm.
But when looking at other competitive apps, Pinterest also fared poorly against them, especially for the desktop version of the platform. Meanwhile, mobile app versions still managed to deliver resiliently.
One reason being given could be the current conflict in Ukraine but with that said, it isn’t too bad of a picture. The company does have a strong user base that can be used to play advertisements for various brands.
The ultimate goal for the platform is to attract all types of users who will consider the app an ideal destination for online shopping.
Another worthwhile point to note in this context has to do with Google trying to achieve the same objective. And if that’s the case, it wouldn’t be too long before we see the tech giant drastically affecting Pinterest’s results again.
This is where the problem relating to anti-competitive behavior comes from and the platform is yet to address how it plans on fighting off such issues and which strategies could come into play.
As far as the company’s revenue is concerned, it’s doing pretty good in that respect, although we did see declines in quarterly results. Pinterest says the decline could mostly be related to a fall in the number of active users.
Statistics from the company have highlighted how big of a reliance the app has on its target market in North America. And the fact that it’s expanding means greater opportunities around the globe.
While all companies experience their fair share of highs and lows, one thing is for sure. This app has the potential to mark out a niche within today’s eCommerce industry. And that means it’s a virtual shopping haven for so many artisan goods.
Over time, we’ve seen the app experiment with different tools such as Idea Pins which have shown great promise. Similarly, we witnessed active pinners make use of the platform for their shopping decisions and that is something that must be highlighted.
Is that enough for Pinterest to achieve the growth that it hopes for? Can the app get back on track in terms of being crowned as users’ shopping companions?
Well, it always depends on the target market involved, and sometimes, the amount of users you have doesn’t really make a big difference. With that said, the results are out but there’s a lot of work that needs to be done.
Read next: TikTok’s Striking Performance in 1st Quarter of 2022; became the most downloaded app and Outclass 3.5 billion installs record
