Pinterest : Press Release

Exhibit 99.1

Pinterest Announces Fourth Quarter and Full Year 2022 Results

SAN FRANCISCO, Calif. - February 6, 2023 - Pinterest, Inc. (NYSE: PINS) today announced financial results for the quarter and year ended December 31, 2022.

• Q4 revenue grew 4% year over year to $877 million. 2022 revenue increased 9% year over year to $2,803 million.
• Global Monthly Active Users (MAUs) increased 4% year over year to 450 million.
• GAAP net income was $17 million for Q4. GAAP net loss was $96 million for 2022. Adjusted EBITDA was $196 million and $442 million for Q4 and 2022, respectively.
• Pinterest also announced its board of directors' authorization to repurchase up to $500 million of its Class A common stock over the next 12 months.

"2022 was a solid year as we returned to MAU growth, deepened engagement and saw our personalization and relevance investments start to pay off," said Bill Ready, Pinterest CEO. "We're building upon this foundation by staying focused on growing monetization per user, integrating shopping throughout the core user experience, and increasingly driving operational rigor. While the industry as a whole is facing headwinds, we are adapting quickly to a changing macro environment and are committed to creating a more positive online experience for our users and advertisers."

Pinterest also announced that its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock over the next 12 months. Under the stock repurchase program, Pinterest is authorized to repurchase, from time-to-time, shares of its Class A common stock through open market purchases, in privately negotiated transactions or in other such manner as permitted by securities law and as determined by management at such time and in such amounts as management may decide. The program does not obligate Pinterest to repurchase any specific number of shares and may be modified, suspended or discontinued at any time.

Chief Financial Officer Transition

Separately, Pinterest today announced that Todd Morgenfeld, Chief Financial Officer and Head of Business Operations, will transition from Pinterest to pursue new career opportunities on July 1, 2023.

"On behalf of the entire company and Board of Directors, I'd like to thank Todd for his outstanding contributions to Pinterest over the past six-plus years," said Bill Ready, CEO of Pinterest. "Todd led the company's IPO process, built a strong finance function and advanced our revenue functions and business operations. He's been a disciplined creator of shareholder value; during Todd's tenure, Pinterest's revenue increased ten-fold and margins expanded meaningfully. I'm personally grateful for Todd's partnership over the past two quarters and appreciate his commitment to a seamless transition."

"I am honored to have been part of the transformational growth and change Pinterest has undergone these last six years," said Morgenfeld. "I'm especially proud of the extraordinary team we have built, and I look forward to watching the company continue to innovate, execute and grow over the next several years."

As part of this announcement, effective immediately, Andréa Mallard, Chief Marketing and Communications Officer and Bill Watkins, Chief Revenue Officer, will now report directly to Bill Ready, CEO. These functions are critical to delivering value to Pinners and advertisers and will work closely with the Executive Team on executing against strategic priorities.

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Exhibit 99.1

Q4 and Full Year 2022 Financial Highlights

The following table summarizes our consolidated financial results (in thousands, except percentages, unaudited):

			Three Months Ended					Year Ended December 31,
			December 31,
			2022			2021		% Change			2022			2021		% Change
Revenue	$	877,209	$	846,655	4 %		$	2,802,574	$	2,578,027	9 %
Net income (loss)	$	17,491	$	174,699	(90)%		$	(96,047)	$	316,438	(130)%
Non-GAAP net income*	$	203,109	$	339,447	(40)%		$	425,988	$	778,455	(45)%
Adjusted EBITDA*	$	195,785	$	350,859	(44)%		$	441,935	$	814,369	(46)%
Adjusted EBITDA margin*		22 %			41 %					16 %			32 %

NM - not meaningful

• For more information on these non-GAAP financial measures, please see "―About non-GAAP financial measures" and the tables under "―Reconciliation of GAAP to non-GAAP financial results" included at the end of this release.

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Q4 and Full Year 2022 Other Highlights

The following table sets forth our revenue, MAUs and ARPU based on the geographic location of our users (in millions, except ARPU and percentages, unaudited):

		Three Months Ended					Year Ended December 31,
		December 31,
		2022			2021		% Change			2022			2021		% Change
Revenue - Global	$	877	$	847	4 %		$	2,803	$	2,578	9 %
Revenue - U.S. and Canada	$	722	$	689	5 %		$	2,309	$	2,133	8 %
Revenue - Europe	$	123	$	132	(7)%		$	398	$	382	4 %
Revenue - Rest of World	$	32	$	25	26 %		$	95	$	62	52 %
MAUs - Global		450			431	4 %			450			431	4 %
MAUs - U.S. and Canada		95			95		- %		95			95		- %
MAUs - Europe		124			122	2 %			124			122	2 %
MAUs - Rest of World		231			215	8 %			231			215	8 %
ARPU - Global	$	1.96	$	1.93	1 %		$	6.36	$	5.79	10 %
ARPU - U.S. and Canada	$	7.60	$	7.17	6 %		$	24.38	$	21.07	16 %
ARPU - Europe	$	1.01	$	1.10	(9)%		$	3.23	$	3.03	7 %
ARPU - Rest of World	$	0.14	$	0.11	21 %		$	0.43	$	0.29	49 %

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Guidance

Our current expectation is that Q1 2023 revenue will grow low single digits on a year-over-year percentage basis, which takes into account slightly lower foreign exchange headwinds than Q4 2022. We expect our Q1 2023 non- GAAP operating expenses to decline to low double digits percent quarter-over-quarter*.

_____________

*We have not provided the forward-looking GAAP equivalents for certain forward-lookingnon-GAAP operating expenses or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items such as share-based compensation expense, which is impacted by, among other things, employee retention and decisions around future equity grants to employees. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalents is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results and, as such, we also believe that any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors.

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Webcast and conference call information

A live audio webcast of our fourth quarter 2022 earnings release call will be available at investor.pinterestinc.com. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, including the reconciliations of certain non- GAAP measures to their nearest comparable GAAP measures and slide presentation are also available. We will not be publishing a letter to shareholders this quarter. A recording of the webcast will be available at investor.pinterestinc.com for 90 days.

We have used, and intend to continue to use, our investor relations website at investor.pinterestinc.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

Forward-looking statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties, including, among other things, statements about our future operational and financial performance. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: general economic and political uncertainty in global markets and a worsening of global economic conditions or low levels of economic growth, including inflation, fear of recession, foreign exchange fluctuations and supply-chain issues as well as events such as Russia's invasion of Ukraine; our ability to provide useful and relevant content; our ability to attract and retain creators that create relevant and engaging content on our platform; risks associated with new products and changes to existing products as well as other new business initiatives; our ability to maintain and enhance our brand and reputation; compromises in security; our financial performance and fluctuations in operating results; our dependency on online application stores' and internet search engines' methodologies and policies; discontinuation, disruptions or outages in authentication by third-party login providers; changes by third-party login providers that restrict our access or ability to identify users; competition; our ability to scale our business and revenue model; our reliance on advertising revenue and our ability to attract and retain advertisers and effectively measure advertising campaigns; our ability to effectively manage growth and expand and monetize our platform internationally; our lack of operating history and ability to sustain profitability; decisions that reduce short-term revenue or profitability or do not produce expected long-term benefits; the impact of the COVID-19 pandemic, including its impact on our business as well as on global and regional economies and economic activity; risks associated with government actions, laws and regulations that could restrict access to our products or impair our business; litigation and government inquiries; privacy, data and other regulatory concerns; real or perceived inaccuracies in metrics related to our business; disruption, degradation or interference with our hosting services and infrastructure; our ability to attract and retain personnel; and the dual class structure of our common stock and its effect of concentrating voting control with stockholders who held our capital stock prior to the completion of our initial public offering. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which is available on our investor relations website at investor.pinterestinc.com and on the SEC website at www.sec.gov. All information provided in this release and in the earnings materials is as of February 6, 2023. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

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