Nikita S ✈️ SF Nov 10-14 @singareddynm investor @rre ventures (seed, A, B) 👩🏾‍💻 keeping tech weird, serial experimenter 🤖 ex @oscarhealth @thegovlab stats @columbia Apr. 02, 2019 1 min read

My Pinterest S-1 take: MAU metric is meaningless, use DAUs like the rest!

ARPU per MAU-$9.04, 47%+ YoY (estimates SNAP $12, TWTR $20, FB $189; all ⬆ but slower📈. Per DAU?)
Pinterest *should* have better ARPU bc of commercially relevant searches
Google deindexing hurt growth

I actually suspect that Pinterest would have looked stronger if they used ARPU per DAU (stale numbers estimate $90 vs TWTR - $50, SNAP - $10)

Again, this is mostly US (90% of revenue). Lots of upside for new markets like UK, Canada, Aus/NZ, Europe 🌎

Biggest issue for Pinterest is Instagram ("Save to Collection" feature = pinning. Insta also has a more evolved ad tech stack)

And 👀 that gross margin at 68% vs. FB on prem at 84%. Common theme in S-1s this year is AWS $$ (Pinterest has spent billions on cloud)


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