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)
You can follow @singareddynm.
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