Pinterest stands out from the crowd by using AI to create positive experiences for users, the CEO says.
“We're trying to prove that AI can be used for good,” CEO Bill Ready told Yahoo Finance on Monday at the Milken Institute Global Conference in Beverly Hills.
“We've really invested in making Pinterest a more positive alternative to traditional social media. When you ask Gen Z, they think Pinterest is a more positive alternative to traditional social media. They will say they consider it a remote oasis,” he added. The rest of social media. ”
The social media company is building a suite of “inclusive AI” technologies into its platform that allow search results to be more reflective of different body types and skin tones.
While the potential ban on TikTok has been making headlines, Reddy said, “We're not going to sit around and wait for other platforms to die.”
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 shops,” Reddy said of the platform’s biggest demographic. “Over the past two years, we've been really opening up our store and giving our users easy access to what he's found on Pinterest.”
Pinterest last week reported huge first-quarter profits that beat analyst expectations on almost every metric. Sales increased 23% year-on-year, the highest growth in three years. The number of monthly active users worldwide increased to 518 million, an all-time high, an increase of 12% over last year.
The company cut its loss to $24.8 million in the quarter, compared to a loss of $208.6 million last year. The stock price has increased more than 90% in the past year.
Pinterest has also invested heavily in advertising, partnering with Google and Amazon. “If you take a step back from everything, Pinterest is firing on all cylinders,” Reddy said.
Yasmin Khorram is a senior reporter at Yahoo Finance. Follow Yasmin on Twitter/X @YasminKhorram And even more linkedin. Send your newsworthy tips to Yasmin: yasmin.khorram@yahooinc.com
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