Pinterest stands out by using AI to create positive experiences for users, says its CEO.
“We’re trying to prove that you can use AI for good,” CEO Bill Ready told Yahoo Finance on Monday at the Milken Institute’s global conference in Beverly Hills.
“We’ve really invested in making Pinterest a more positive alternative to traditional social media,” he added. “And when you ask Gen Z, they’ll tell you they see Pinterest as an oasis away from the toxicity they see on many social networks.” from the rest of social media.
The social media company has integrated a suite of “inclusive AI” technologies into its platform that help make search results more representative of different body types and skin tones.
Although TikTok’s possible ban has made headlines, Ready said, “We’re not hoping for other platforms to disappear.” »
Pinterest was founded in 2008 as a visual discovery platform where users can search and save ideas. Over the years, the company has evolved to provide users with shoppable content.
“Pinterest is where Gen Z goes to shop,” Ready said of the platform’s largest demographic. “Over the last couple of years, we’ve really opened up the stores, making it really easy for people to connect with the things they find on Pinterest.”
Pinterest reported massive first-quarter results last week, beating analyst estimates on almost every metric. Revenue jumped 23% year-on-year, its best growth in three years. The number of global monthly active users increased to 518 million, an all-time high and an increase of 12% from last year.
The company narrowed its losses to $24.8 million this quarter, compared to $208.6 million last year. The stock is up more than 90% over the past year.
Pinterest has also invested heavily in its advertising business, entering into partnerships with Google and Amazon. “When you step back, Pinterest is firing on all cylinders,” Ready said.
Yasmin Khorram is a senior reporter at Yahoo Finance. Follow Yasmin on Twitter/X @YasminKhorram and on LinkedIn. Send newsworthy tips to Yasmin: [email protected]
Click here to know the latest technology news that will impact the stock market.
Read the latest financial and business news from Yahoo Finance
