GAAP to Non-GAAP Costs and Expenses Reconciliation
Q323 Business
Highlights
We're growing our engagement, including shopping engagement
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Q3 ended at 482 million MAUs, up 8%, which is our all-time highest MAU count.
As we noted at our Investor Day, we're seeing strength with our Gen Z users, who are our fastest-growing, and
most engaged users. We are seeing strong product market fit with our recent cohorts, who save 2x more
content in their first year on Pinterest, relative to older cohorts.
We launched the "more ideas" tab at the top of the Home Feed to allow users to easily access their board
themes and quickly refocus on an ongoing use case.
Our "Shop the Look" module helps users pivot into shopping mode by allowing users to shop lifestyle images on
Pinterest. 70% of the products recommended in "Shop the Look" are rated as exact or highly relevant matches.
We expanded our guided browsing modules in the US and Canada region by resurfacing relevant buyable pins
based on content users have engaged with in the past.
We're expanding our advertiser solutions
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We launched Direct Links in Q3, and have migrated approximately 60% of lower funnel revenue to Direct Links,
with plans to roll out to the remaining eligible lower funnel objectives, including CPC video ads and conversion
ads, by the end of Q1 2024.
We saw 88% higher outbound click-through rates and a 39% decrease in cost per outbound click for CPC
objectives from early Direct Links adopters.
In Q3, we expanded our Premiere Spotlight ad format from Search to the Home Feed.
We onboarded several partners like Adobe Commerce and Salesforce Commerce Cloud to help drive more
adoption of API for Conversions.
Our API for Conversion solution accounted for 28% of our total revenue as of August 2023, up from 14% at the
end of 2022.
As we mentioned during our Investor day, we are seeing strong early test results from our Amazon ads 3P
partnership, with over 50% improvement in relevance on search, and a 100% improvement in relevance on
related items.
We began leveraging a longer history of users' on-platform behaviors in our ads models. On search specifically,
we made improvements in our ability to match relevant ads to user search queries. These two launches drove
meaningful improvements across cost per clicks and cost per actions, and better ads relevance.
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