Pinterest joined Meta Platforms and Snap in reporting disappointing second quarter financial results on Monday. Its revenue for the quarter rose 9% to $666 million, less than the 11% it forecast, because of reduced advertising demand from large retailers and mid-sized advertisers. Its global monthly users remained flat compared to the previous quarter and fell 5% year-over-year to 433 million.
The earnings call was also new CEO Bill Ready’s first debut to investors and analysts. His background as a commerce executive at Google suggests Pinterest will focus on upping its shopping game. On Monday’s call, Ready emphasized that the digital scrapbooking company is the place to be for creators who want to sell because users often search for items to buy.