Pinterest’s latest Q3 earnings report from October showed revenue increased 8% year over year to $685 million. Since its acquisition of The Yes, Pinterest added new shopping features in July such as a seller API to allow them to manage their catalog in the app, as well as the ability to add videos to seller product catalogs. It also introduced an AR feature letting users virtually try out home decor items last January. In October 2021, Pinterest debuted livestream shopping through Pinterest TV.
Prior to the acquisition, the social media brand had already pivoted to focus more on mobile commerce. Pinterest co-founder and former CEO Ben Silbermann then moved into an executive chairman position for the company. Just a few weeks after announcing its deal to acquire The Yes, Pinterest named Ready, former Google president of commerce, as its new CEO. Julie has been instrumental in that process and we’re looking forward to working with her as a trusted advisor going forward.”
“We’re continuing to invest in building world-class shopping experiences across all core surfaces and building a team with deep shopping expertise. “In June we acquired The Yes, with a focus on integrating its technology and industry expertise to accelerate Pinterest’s vision to become a leading shopping destination,” Pinterest CEO Bill Ready said in a statement. While Pinterest’s chief of shopping may be moving away from the position, Pinterest is still highly focused on its shopping strategy.
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