Pinterest is standing out from the crowd 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 at the Milken Institute Global Conference in Beverly Hills on Monday.
“We’re really invested in making Pinterest a more positive alternative to traditional social media,” he added. “And when you ask Gen Z, they will tell you they see Pinterest as an oasis away from the toxicity they see in much of the rest of social media.”
The social media company has incorporated a suite of “inclusive AI” technologies into its platform that help make search results more representative of different body types and skin tones.
While TikTok’s potential ban is making headlines, Ready said, “We’re not expecting the end of other platforms.”
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 offer users shoppable content.
“Pinterest is where Gen Z goes to shop,” Ready said of the platform’s largest demographic. “Over the last two years, we’ve really opened up the stores, making it really easy for users to connect with the things they find on Pinterest.”
Pinterest reported massive first-quarter earnings last week, beating analysts’ estimates on almost every metric. Revenue increased 23% year over year, its best growth in three years. Global monthly active users increased to 518 million, an all-time high and a 12% jump from last year.
The company narrowed its losses to $24.8 million this quarter, compared with $208.6 million last year. Shares are up more than 90% in the past year.
Pinterest has also invested heavily in its advertising business, entering into partnerships with Google and Amazon. “When you step back from it all, Pinterest is firing on all cylinders,” Ready said.
Yasmin Khorram is a senior reporter at Yahoo Finance. Follow Yasmin on Twitter/X @YasminKhorram and so on LinkedIn. Send interesting tips to Yasmin: yasmin.khorram@yahooinc.com
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