Pinterest's new ad formats to drive revenue growth in 2024 - Piper Sandler
05/10/2023 14:17
** Piper Sandler says Pinterest's PINS.O new advertising
formats could potentially drive revenue growth in 2024
** Notes, the image-sharing platform's outbound ad clicks in
Sept. more than tripled month-on-month basis, with cost per
click down ~60% - brokerage's data
** PINS shares up 1.71% at $26.84 premarket
** Brokerage expects the rise in clicks is broadly tied to
the co's new 'Direct Links' ad format, which brings users
directly to a site in single click versus two clicks needed
earlier
** Estimates up to two-thirds of all PINS ads can
potentially become Direct Links
** "We expect advertisers to lean in and increase spend and
sets the stage for revenue acceleration in 2024" - brokerage
** In August, PINS forecast higher margins for the year,
supported by an advertising market recovery and cost-cutting
measures
** PINS up 8.7% YTD, as of last close
(Reporting by Siddarth S in Bengaluru)
((Siddarth.s@thomsonreuters.com;))