Pinterest has had bit of a decline in its performance in the first quarter of this year. As per the platform’s latest performance report, its quarter-over-quarter revenue has decreased despite year-over-year rise.
Pinterest has, however, is maintaining user growth this year, although there has been only a minor increase in the number of its monthly active users. In addition to that, it has noted year-over-year rise in the number of users engaging with shopping surfaces specifically.
The last time Pinterest saw a major boost in its revenue was during the time of Covid lockdowns, which became an important determinant of its eCommerce growth, as a large number of people turned to the platform for browsing and online shopping while staying at home.
Pinterest accused Google of the decline in its search traffic, stating that Google’s algorithm change in November 2021 accounted for it. The company further added that the declines in its growth have been mostly observed on desktop and mobile web.
Nevertheless, Pinterest is continuing to make efforts towards sustaining its growth, including developing partnerships with brands, enhancing its discovery and analytics tools, and adding newer features like Idea Pins.