Pinterest, Inc. (PINS) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Pinterest, Inc.

CIK: 1506293 Ticker: PINS

Exhibit 99.1

Pinterest Q1 2020 Letter to Shareholders
May 5, 2020
Q120 Highlights
Our Q1 revenue grew 35% year over year to $272 million. We began to experience a sharp deceleration in the middle of March as advertisers responded to changes in demand related to COVID-19.
Our Q1 GAAP net loss was $141 million. Our Q1 Adjusted EBITDA was $(53) million.
Global MAUs grew 26% year over year to 367 million in Q1 as we grew MAUs to new highs in both the U.S. and international geographies.
Since mid-March, we’ve seen record levels of engagement globally (in impressions, searches, saves, board creation and visitation), driven by Pinners staying home as well as recent product innovations.
Q120 Business Highlights
The world has changed dramatically since we wrote our last Shareholder Letter. The COVID-19 pandemic is reshaping lives and businesses around the world, and Pinners and Pinterest are no exception.
Our mission — to bring inspiration that helps people create lives they love — has never been more relevant. This letter will update you on the progress we’ve made against our four core strategic goals and describe how this progress has strengthened our ability to serve Pinners and businesses in this changed environment.
Our current strategic priorities of content, use case expansion, shopping and diversifying our advertiser base are well-suited for this moment.
Inspiring Content
Our goal to make Pinterest the home of exceptional content is essential right now because people need both inspiration and information about how to navigate their new reality. The first priority has been to help Pinners access reliable information about COVID-19 on our service. When the crisis began in mid-March, we launched a custom search experience featuring results from experts; a homepage banner that links to WHO facts; a ban on ads that claim to offer cures or treatments; and we continued to offer an easy way to report health misinformation.
We’ve also accelerated our work on projects that help Pinners stay inspired as they adjust to new norms. We launched the Today tab, a curated feed of daily inspiration with trending topics and Pins that makes it easy to explore timely ideas. While the home feed continues to show personalized recommendations, the Today tab surfaces popular ideas based on what's going on in the world and trending searches. For example, we’re showing inspiration in categories that are particularly popular right now like Mother’s Day crafts; best tops to wear on a video conference; mastering living room workouts; and planting fast-growing vegetables. By enabling more curation, the Today tab also helps make Pinterest content more relevant in international markets as we scale our traditional organic content efforts in new geographies. The feature is now live in 15 countries.
Expansion of Use Cases
In the early days of physical isolation (starting in mid-March), use of Pinterest dipped as many US and European users prepped to shelter in place, but since then we’ve seen significant increases across multiple engagement metrics as home-bound Pinners use the service to reimagine their lives. We saw a significant increase in searching and saving on the platform as Pinners looked for practical solutions on how to educate and entertain their kids, how to clean during quarantine, what food to put in the pantry and how to make masks. Recently we’ve started to see people return to more future-oriented interests such as vacation and event planning.
As Pinners face novel challenges, they are discovering new use cases as well as deepening existing ones, and we’ve launched features to support both of these outcomes. The launch of the Today Tab as well as increased home feed variety encourage use case expansion by giving Pinners a curated set of timely new ideas, and since mid-March, we've seen an increase in users who engage in more than two use cases. To help Pinners engage more deeply with their existing interests, we launched the ability to add dates to event-specific boards, which helps us recommend event-related content only when it's relevant. And using computer vision and machine learning, Pinners can now effectively auto-organize boards by grouping Pins on similar topics into logical sections. For example, a general

The following information was filed by Pinterest, Inc. (PINS) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Pinterest, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Loss
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Redeemable Convertible Preferred Stock And Stockholders' Equity (Deficit)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Fair Value Of Marketable Securities By Contractual Maturity (Details)
Fair Value Of Financial Instruments - Fair Values Of Financial Instruments Measured On A Recurring Basis (Details)
Geographical Information
Geographical Information (Details)
Geographical Information (Tables)
Income Taxes
Net Loss Per Share Attributable To Common Stockholders
Net Loss Per Share Attributable To Common Stockholders (Tables)
Net Loss Per Share Attributable To Common Stockholders - Calculation Of Basic And Diluted Net Loss Per Share Attributable To Common Stockholders (Details)
Net Loss Per Share Attributable To Common Stockholders - Weighted-Average Anti-Dilutive Shares Of Common Stock Excluded From The Calculation Of Diluted Net Loss Per Share (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Restricted Stock Unit Activity (Details)
Share-Based Compensation - Share-Based Compensation Expense (Details)
Share-Based Compensation - Stock Option Activity (Details)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Pinterest, Inc. provided additional information to their SEC Filing as exhibits

Ticker: PINS
CIK: 1506293
Form Type: 10-Q Quarterly Report
Accession Number: 0001506293-20-000074
Submitted to the SEC: Tue May 05 2020 6:37:37 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Computer Programming Data Processing

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