Reading Pinterest (PINS) through a “business understanding” lens: Capturing the entry point for idea discovery—the strengths and vulnerabilities of an ad-monetized company

* This report is based on data as of 2026-01-08.

1. What Pinterest Does: A Simple, Plain-English Explanation

Pinterest is a service where you browse photos (images) to collect ideas for “things you want to buy or make.” Whether it’s redecorating a room, cooking, fashion, weddings, or travel, you search and save the look you like before you decide—and over time, you’re shown more options that match your preferences.

In simple terms, Pinterest is “a massive digital idea magazine + a scrapbook.” Users save images they like, and businesses can showcase products and services in a way that “fits naturally” within that experience—driving shopping, sign-ups, and other actions.

Who It Creates Value For (Three Customer Groups)

• Users (general consumers): Use it for free to find ideas “before buying / before making / before deciding.”
• Advertisers (companies): Pay advertising fees. Not only large enterprises but also small online shops and individual-scale brands matter, and the ad mix tends to skew toward ads closer to “actions (clicks, referrals, purchases)” rather than pure “awareness.”
• EC partners (e-commerce operators / platforms): Partners that strengthen “shopping-linked placements” through product data integrations. Examples cited include expanded Shopify integration and strengthened Wix integration.

How It Makes Money (Revenue Model)

The core revenue driver is advertising. Ads appear naturally within the flow of users searching for ideas and product-like images, and advertisers pay Pinterest based on outcomes such as clicks, saves, and transitions to purchase pages.

The key point is that Pinterest generally does not make money by holding inventory and selling products itself. Pinterest isn’t a “store.” It owns the “pre-purchase idea entry point,” and uses ads and product catalog integrations to help businesses sell—capturing ad spend in the process.

2. Why People Choose It: Pinterest’s Value Proposition

Pinterest’s core advantage is that it’s “a place where high-intent searchers congregate.” Its differentiation comes from an experience designed around planning, consideration, and preparation—not social “buzz.”

• Users tend to be in a positive mindset: It’s used less as a venue for flame wars or arguments, and more for things like improving your life, making something, or choosing something.
• Many users don’t search by brand name: It’s often used in the form of “I want something like this,” which creates room for new brands and small shops to be discovered.
• Product catalog integrations push it closer to shopping: Integrations with Shopify, Wix, etc. make it easier to sync products and localize by country/language, while reducing friction in ad operations through outbound referral.

3. Growth Drivers: What Could Become Tailwinds (Now and Future)

Pinterest’s growth hinges on whether it can turn its structural position—“users are upstream of decision-making”—into advertising value (outcomes). In the cited materials, AI and shopping integrations are positioned as the key levers for improving “conversion efficiency.”

Structural Tailwinds (Three Pillars)

• A large base of users upstream of decision-making: Usage is strongest not right before purchase, but at the “figuring out what to buy” stage—and ad value rises the more effectively Pinterest can guide users there.
• Lowering the barrier to advertising by simplifying operations with AI: A push to reduce setup and optimization work, as with Performance+. The materials also reference features that use generative AI to refine images for ads.
• Making it easier to deliver outcomes by expanding shopping integrations: The more Pinterest improves catalog integrations and product groups to support measurement and ongoing optimization, the easier it becomes for advertisers to deploy budgets.

Current Pillars and Future Pillars (Including Early-Stage Initiatives)

• Current pillars: Ads delivered within an image-centric discovery experience (particularly performance ads that drive actions) plus shopping ads built on product catalog integrations.
• Potential future pillar ①: Deeper AI operations infrastructure: AI taking over more of the advertiser workflow (image creation, targeting adjustments, delivery optimization) to make it easier for SMBs to advertise.
• Potential future pillar ②: Expansion into TV advertising (CTV): An agreement to acquire tvScientific has been reported, aiming to combine “data that reveals purchase intent” with TV ad operations. Integration results are still ahead, but this is a meaningful step beyond in-app advertising.
• Potential future pillar ③: A “product data network” via expanded EC integrations: The broader the integrations, the more product data accumulates, operations get easier, and ad outcomes improve—targeting a reinforcing loop.

That wraps up the “business overview.” Next, we turn to the “financial pattern” that matters for long-term investors. Pinterest can look like a classic growth stock if you focus only on revenue growth, but its profitability profile has some important nuances.

4. Long-Term Fundamentals: Pinterest’s “Company Pattern”

Revenue: A Scale-Driven Grower

Revenue has compounded strongly over time. The materials cite a revenue 5-year CAGR of approximately +26.1% and a 10-year CAGR of approximately +33.9%. That reflects a ramp from $473 million in FY2017 to $3.646 billion in FY2024.

Profit (EPS / Net Income): A Long Loss Run, Then a Major Profit Inflection in the Most Recent FY

EPS 5-year and 10-year growth rates cannot be calculated due to insufficient data. On an FY basis, however, Pinterest ran through a long loss period and then posted a major shift to profitability in FY2024, with FY2024 EPS at 2.67. Net income (FY) also alternates between negative and positive, with large swings highlighted as a defining feature (large loss in FY2019 → profit in FY2021 → small losses in FY2022–FY2023 → large profit in FY2024).

Free Cash Flow (FCF): From Negative, to Near-Zero, to Sustained Positive

FCF 5-year and 10-year growth rates cannot be calculated due to insufficient data. On an FY basis, FCF moved from negative to near-zero in FY2017–FY2020 to sustained positive from FY2021 onward, reaching $940 million in FY2024.

Profitability: Elite Gross Margins, Operating Margin Turned Positive in the Most Recent FY, and FCF Margins Improved

• Gross margin (FY): Generally high since FY2021, at 79.42% in FY2024.
• Operating margin (FY): Negative for an extended period, but turned positive at +4.93% in FY2024.
• FCF margin (FY): Improved and reached a high level, from FY2020 0.67% → FY2021 28.85% → FY2024 25.78%.
• ROE (FY): 39.19% in the latest FY. However, because loss periods are mixed into the history, it’s framed less as “consistently high ROE over the long term” and more as “a sharp rise during the profitability inflection.”

Source of Growth (One-Sentence Summary)

The materials summarize that long-term growth has been driven primarily by “expansion in revenue scale,” while profitability has gone through phases where margin effects were pronounced as the company moved from losses to profitability. The discussion also notes that shares outstanding appear to be trending upward on an FY basis, which could be a headwind for per-share earnings.

5. Lynch-Style Classification: Which “Type” Is PINS Closest To?

The materials conclude that the safest placement for Pinterest is more cyclical (with hybrid elements). The logic is straightforward: “revenue is high growth, but profits (EPS / net income) swing materially across loss and profit periods.”

• Revenue is high growth (5-year CAGR +26.1%, 10-year CAGR +33.9%).
• FY results include both losses and profits, with a sharp reversal in the most recent FY.
• Profit volatility is high (there is supporting data indicating high EPS volatility).

“Cyclical” here is less about “demand disappears,” and more—consistent with the materials—about the reality that ad budget allocation moves up and down, which can make reported performance look “swingy.”

6. Short-Term Momentum (TTM / Most Recent 8 Quarters): Is the “Type” Being Maintained?

The short-term figures broadly match the long-term classification (more cyclical). Profit growth is extremely large, which reads more like a “sharp reversal / sharp recovery” than steady compounding—while it matters that revenue and FCF are also building in a healthy direction.

Current TTM: Recovery-to-Expansion Metrics (With Profit Surging)

• EPS (TTM): 2.861, +822.1% YoY.
• Revenue (TTM): $4.057 billion, +16.8% YoY.
• FCF (TTM): $1.122 billion, +18.9% YoY.
• FCF margin (TTM): 27.65%.

The +822.1% EPS jump fits the cyclical-leaning view: it looks like a sharp recovery rather than smooth, steady growth. At the same time, FCF is also rising, so this isn’t a case of “profits improved but cash didn’t follow.”

“Classification Consistency” Check Based on the Past Year’s Results

The materials’ assessment is “consistent (classification maintained).” In other words, the core reason for the long-term cyclical-leaning view—profit swings—also shows up in recent TTM behavior via the sharp EPS surge.

• Consistent point: EPS grew dramatically, with a wide gap versus revenue growth (+16.8%)—profit volatility is the headline feature.
• Positive point at the same time: FCF also increased by +18.9%, suggesting cash generation is improving alongside earnings.
• Point requiring caution ① (ROE): Latest FY ROE is very high at 39.19%, but because loss periods are mixed in and the latest FY reflects a sharp improvement phase, it cannot be used on its own to conclude a stable high-ROE profile.
• Point requiring caution ② (P/E): At a stock price of $26.5, the P/E (TTM) is 9.26x, which is low. Right after a sharp profit surge, P/E can compress mechanically; a low P/E alone doesn’t imply a classification mismatch, but it can signal that the market may not have high conviction in the durability of the current profit level.

“Acceleration” Assessment for Revenue / FCF / EPS (With Important Caveats)

The materials label the momentum conclusion as Accelerating. However, the details suggest it’s less about “revenue acceleration” and more about “profit and cash improvement” doing the heavy lifting.

• Revenue: TTM YoY +16.8% is clearly below the 5-year CAGR of +26.1%, making it hard to call acceleration on revenue alone. That said, it remains double-digit growth, and the most recent 8 quarters show strong consistency at an annualized rate of approximately +15.2%.
• FCF: Beyond TTM YoY +18.9%, the most recent 8 quarters are approximately +36.2% annualized, showing strong upward consistency; cash generation looks more acceleration-leaning.
• EPS: A strict acceleration call is difficult due to insufficient data for a 5-year comparison, but TTM YoY +822.1% reflects a powerful “sharp reversal,” and headline momentum appears to be accelerating.

On Differences in How FY vs. TTM Can Look

Some items (such as margins and ROE) are discussed on an FY basis, while others (such as revenue growth and EPS) are discussed on a TTM basis. Because these periods don’t perfectly line up, FY and TTM can “look” different. That’s not necessarily a contradiction—it just requires keeping track of which period each figure reflects.

7. Financial Soundness (Including Bankruptcy Risk): Is This a Debt-Driven Business?

Based on the figures in the materials, Pinterest looks far more like a company with “substantial cash on hand” than one that “runs and grows on borrowing.”

• D/E ratio (latest FY): Low at 0.0391.
• Net Debt / EBITDA (latest FY): -11.57 (negative indicates a near net-cash position and substantial financial flexibility).
• Cash ratio (latest FY): 6.31 (a thick cash cushion).
• Capex burden: Quarterly CapEx / operating CF is approximately 1.0%, characterized as a light investment burden.

That said, the materials flag a “monitoring point”: interest coverage indicators swing between positive and negative quarter to quarter. This isn’t presented as an immediate risk, but as a structural reality—if profitability weakens due to adverse advertising conditions, these indicators can deteriorate more quickly.

8. Capital Allocation and Dividends: What Matters for Shareholder Returns?

Dividend yield, dividend per share, and payout ratio on a recent TTM basis cannot be confirmed due to insufficient data. The materials therefore frame it as difficult to treat dividends as a primary investment angle at this time.

However, with TTM FCF at $1.122 billion and an FCF margin of 27.65%, cash generation is clearly present. As a result, the materials suggest that for shareholder returns, it’s more natural to focus on capital allocation beyond “dividends” (growth investment and other return methods) (while also noting that detailed analysis isn’t provided here due to data gaps).

9. Cash Flow Trends: Do EPS and FCF Move Together? (Quality of Growth)

Because an advertising model doesn’t carry inventory, cash generation can be strong depending on operating efficiency and how aggressively the company invests. Still, some businesses go through stretches where “profits are reported but cash is weak.” For Pinterest, the materials emphasize that recently FCF growth has accompanied the sharp profit recovery.

• TTM EPS has surged, and FCF is also $1.122 billion, up +18.9% YoY.
• FY FCF has remained positive since FY2021, reaching $940 million in FY2024, alongside improving FCF margins.
• The light capex burden (CapEx / operating CF of approximately 1.0%) supports the view that the model is structurally cash-generative, rather than one where investment heavily suppresses FCF.

Accordingly, at least in the near term, this reads as a phase where “profit improvement is being backed by cash.” However, because profits are rising sharply (more cyclical), whether that quality holds will depend on advertiser spending behavior and sustained product quality.

10. Current Valuation Positioning (Historical Self-Comparison Only)

Here, without comparing to the market or peers, we place today’s valuation within Pinterest’s own historical distribution (primarily the past 5 years, with a 10-year supplement). The stock price is based on the materials’ assumption ($26.5).

PEG: Slightly Below the Low End of the Past 5-Year Range

PEG is 0.0113, slightly below the lower bound of the past 5-year normal range (20–80%) at 0.0121. The past 10-year distribution looks similar, putting the current level toward the low end of its historical range.

P/E (TTM): Below the Low End of the Past 5-Year and 10-Year Normal Ranges

P/E (TTM) is 9.26x, below the lower bound of the past 5-year normal range (11.27x). It is similarly low on a 10-year view. As also noted in the materials, right after a sharp profit surge, P/E can look mechanically low—so durability becomes the key question.

Free Cash Flow Yield (TTM): Above the High End of the Historical Range

FCF yield (TTM) is 7.10%, above the upper bound of the past 5-year normal range (4.28%), and also elevated versus the past 10 years. The past 2 years are summarized as broadly trending upward (with an example showing a move from the 4% range to the 5% range).

ROE (Latest FY): Well Above the High End of the Historical Range

ROE is 39.19%, well above the upper bound of the past 5-year normal range (16.17%), and also above the past 10-year upper bound (18.44%). However, the materials caution that this ROE may be influenced by the sharp improvement phase following mixed loss periods.

FCF Margin (TTM): Slightly Above the Past 5-Year High End

FCF margin (TTM) is 27.65%, slightly above the upper bound of the past 5-year normal range (26.39%). It is also relatively high on a 10-year view, with examples indicating an upward trend over the past 2 years (e.g., 21.68%→30.35%).

Net Debt / EBITDA (Latest FY): Breaks Further Negative (More Cash-Rich)

Net Debt / EBITDA is -11.57. This is an inverse indicator where “smaller (more negative) implies more cash and greater financial flexibility,” and it has moved further negative versus the past 5-year and 10-year distributions—positioning the company as cash-rich even by its own history.

The “Shape” of the Current Position Across Six Metrics

• Valuation metrics (P/E, PEG) sit below the lower bound of the past 5-year range, while FCF yield is above the upper bound of the historical range.
• Quality metrics (ROE, FCF margin) are toward the high end of the historical range (often exceeding it).
• Financial metrics (Net Debt / EBITDA) break further negative, placing the company on the cash-rich side.

This is not an investment conclusion—just an organized view of “where today sits versus its own history.”

11. Why It Has Worked (Success Story): The Core of Pinterest’s Value

The central point emphasized throughout the materials is that Pinterest gives people “upstream of decision-making” a visual way to build “how they search” in the first place. It’s not just keyword search; it’s visual exploration, saving, and comparing mood, taste, and worldview—and that experience creates differentiated value.

In addition, Pinterest is not built around “monetizing time spent via outrage and conflict.” Instead, it aims to preserve an experience centered on “positive intent (inspiration / planning / shopping),” which can be attractive to advertisers looking for context closer to purchase.

That said, because it isn’t a core utility like payments or logistics, it isn’t inherently mission-critical. For that reason, both sides matter: experience quality that makes users think “this is where I want to search,” and an operating experience that makes advertisers think “I can drive results here.”

12. Is the Story Still Intact? Recent Strategy and “Consistency”

The materials describe Pinterest’s recent actions as “consistent with the success story, with an added AI theme.”

Narrative Adjustments: AI Is Now About More Than “Acceleration”—It’s Also About “Containment and Transparency”

• A shift from “AI is helpful” to “AI can pollute the feed”: User dissatisfaction emerged that generative AI content can degrade the experience, prompting the rollout of controls such as labeling and adjustments to display volume.
• Putting guardrails in place to protect “positive and safe”: A posture can be inferred of prioritizing experience design (safety and well-being)—including feature restrictions for younger users and stronger privacy—over pure growth.
• Directionally consistent with the numbers: While revenue and cash growth continue, the product narrative is no longer simply “accelerate with AI.” It now includes “mitigate AI side effects,” shifting toward “don’t break the experience in the name of growth.”

13. Quiet Structural Risks: What to Scrutinize When Things Look Strong

At first glance, Pinterest can look well-positioned to benefit from AI, ad automation, and shopping integrations. However, the materials highlight several less obvious failure modes that come with being “a business dependent on experience quality.”

• Erosion of experience value (noise from generative AI content): If non-existent or easily misleading images proliferate, the platform becomes less useful for practical categories (apparel, furniture, DIY, etc.), undermining trust in discovery. The fact that labels and display controls were introduced suggests this risk is meaningful.
• Shifts in competitive structure (pressure toward in-app end-to-end shopping): If discovery→purchase becomes integrated, as with TikTok Shop, the relative value of an “entry point” model could weaken. Pinterest supports the “choosing” experience, but if purchasing becomes more short-circuited, its design philosophy gets tested.
• Thinning differentiation (commoditization of image search): Image×language search is becoming table stakes across major platforms, shifting differentiation toward “overall search quality (accuracy, noise resilience, editability).” If quality control slips, substitution becomes easier.
• Regulatory and operating burden (European platform regulation compliance): Transparency and compliance requirements under EU digital regulation could become ongoing costs. Disclosures also indicate a large EU user base, implying the operating burden is likely to persist.
• Organizational culture (decision-making drift / heavy management): As a generalized takeaway from employee reviews, concerns can include opaque decision-making, frequent strategy shifts, heavy approvals, and burnout. That “organizational wear” can slow product improvement and execution on AI-content countermeasures.
• Interest-paying capacity (a monitoring point, not deterioration): Leverage is low, but interest coverage indicators fluctuate by period; if profitability swings due to adverse advertising conditions, deterioration can happen more easily and should be monitored.

14. Competitive Landscape: Who Pinterest Competes With, and How It Wins

Pinterest’s competition isn’t just “social platforms fighting for time.” The materials organize it along two axes.

• Entry point A: Idea exploration and discovery (inspiration / planning): The starting point for finding a “desired state” from a worldview.
• Entry point B: Product discovery and purchase pathways (shopping discovery): How much the distance from discovery to purchase can be compressed (outbound referral vs. in-app completion).

Key Competitors (The Set Varies by Use Case)

• Google (Search / Lens / AI Mode): Moving toward integrating “search → compare → buy” within search via visual discovery plus conversation.
• Instagram (Meta): Competes via image-centric discovery and ad operations infrastructure (including shopping pathways).
• TikTok / TikTok Shop: Integrates purchase into a video context, shifting the main battlefield of discovery toward entertainment.
• YouTube: Competes for consideration behavior via how-to and review viewing as the entry point.
• Amazon: Strong in search when the purchase item is already decided. The focus for Pinterest is whether it can capture “before deciding.”
• Etsy: “Worldview exploration” in handmade, design, and gift discovery can be competitive.
• Reddit (supplementary): Strong in information search before decision-making, and pathways could change if coupled with AI search.

Why It Can Win / How It Could Lose (Structural View)

• Why it can win: Exploration and saving behavior naturally generates intent signals about “what the user wants to do next,” which can translate directly into ad optimization. It also adds “editability” to exploration—like “narrowing by putting a vibe into words” and “searching for alternatives.”
• How it could lose: As general-purpose AI search improves, “being able to search by image” becomes less differentiating; if shopping shifts toward in-app completion, the “entry point” model comes under pressure. And if generative AI noise rises, trust in discovery can erode, making substitution easier.
• Switching costs: For users, accumulated boards and learned preferences create psychological switching costs, but with many alternatives, users can leave if quality declines. For advertisers, multi-platform operation is the norm; it’s less “can’t quit” and more “budget allocation rises or falls.”

10-Year Competitive Scenarios (Bull / Base / Bear)

• Bull: Even as general-purpose AI search becomes widespread, users still choose a dedicated experience for locking in a vibe and saving/comparing, and Pinterest maintains trust by suppressing generative AI noise. Entry-point value holds, and advertiser usage becomes more entrenched.
• Base: Multi-homing becomes standard for both users and advertisers, and Pinterest remains effective for certain categories and use cases. Growth moves up or down based on discovery quality, ad operations improvements, and category mix.
• Bear: Pinterest gets squeezed between consolidation into general-purpose AI search and the expansion of shopping-integrated social platforms; if it can’t sufficiently suppress generative AI noise and the “useful” experience degrades, entry-point value can erode.

Competitive KPIs Investors Should Monitor (Proxy-Metric Mindset)

• Quality of the search experience (perceived increases/decreases in noise; trend in the share of high-intent actions such as saves, clicks, and outbound referrals).
• Generative AI content governance (whether labels, filters, and display controls are not becoming hollow).
• Distance from product discovery to purchase (whether measurement can be sustained under an outbound-referral model).
• Progress in Google’s visual discovery × conversation × shopping integration, and TikTok Shop penetration (including category expansion).

15. Moat and Durability: Where Pinterest’s Moat Actually Comes From

In the materials’ framing, Pinterest’s moat isn’t a social graph (friend relationships). It’s a blend of the following.

• Usage motivation specialized to planning and consideration contexts (a design centered on positive intent).
• Editability of visual discovery (vibe → language → narrowing, alternative exploration, etc.).
• Repeat usage centered on saving and organizing (board accumulation also becomes an intent signal).

Durability is supported by a safety and well-being design philosophy that protects “positive intent,” and by efforts to strengthen search quality (noise resilience) through “user-side controls” against generative AI noise. Conversely, durability is pressured by the advance of general-purpose AI search and the risk of trust erosion as generative AI noise increases; if that happens, substitution becomes easier—this is the materials’ conclusion.

16. Structural Positioning in the AI Era: Tailwinds and Headwinds at the Same Time

Pinterest is not an AI infrastructure company. It sits in the application layer that combines the discovery experience with ad optimization. At the same time, it’s also working to extend intent signals to external surfaces (TV) through ad operations—adding a more middle-layer-like element while still remaining an application-layer business.

Where AI Could Be a Tailwind

• Stronger search and recommendations: Improving visual discovery accuracy, translating vibes into words, and enabling similar/alternative exploration to strengthen overall “findability.”
• Automation of ad operations: Reducing friction to advertise via Performance+ and generative AI creative, potentially expanding the advertiser base (especially SMBs).
• Reuse of intent signals: Using exploration and saving data for ad optimization, with room to expand monetization by extending delivery surfaces (TV, etc.).

Where AI Could Be a Headwind (Substitution / Contamination)

• Content contamination from generative AI: If noise rises, trust in discovery falls—directly undermining the core value proposition.
• Absorption into general-purpose multimodal search: If conversational UI × visual discovery becomes commoditized, the discovery entry point could be displaced by other products.

The materials are explicit: more than “adding AI features,” the long-term outcome will be determined by whether Pinterest can preserve “discovery quality that supports human planning and consideration” in the AI era.

17. Leadership and Culture: The Operating Traits Long-Term Investors Should Watch

From CEO Bill Ready’s externally visible messaging, Pinterest emphasizes protecting an experience centered on “positive intent (inspiration / planning / shopping),” and strengthening it with AI. The key isn’t “adding AI,” but staying consistent about “what AI is used to protect.” Measures to suppress generative AI noise (labels, display controls, etc.) fit that framing.

How Culture Shows Up: Quality and Safety Can Become Binding Constraints

• Potentially favorable aspects: It may be easier to prioritize “durable experience value” over maximizing short-term revenue. Financially, a cash-rich, low-leverage profile provides room to invest in maintaining quality.
• Potentially unfavorable aspects (monitoring points): Because results are influenced by advertising conditions, reported metrics can weaken in a soft external environment. In organizations with many constraints, decision-making can look slow at times; as AI-era competition intensifies, insufficient speed can become a risk.

Governance Notes (Changes Cited in the Materials)

• As of September 18, 2025, there was a board transition, and a new director joined the Audit and Risk Committee (viewed more as a governance refresh than a major disruption).
• An official announcement states that Julia Brau Donnelly will assume the role of CFO (with strengthening management control and planning processes explicitly stated as part of the role).

18. Two-minute Drill (Summary): The Core Framework Long-Term Investors Should Keep in Mind

• Pinterest monetizes the intent of users who come for “before buying / before making / before deciding” discovery by converting that intent into advertising outcomes.
• Over the long term, revenue has scaled at a high growth rate, while profitability has moved from a history that included loss periods to a sharp shift into meaningful profitability in the most recent FY; it’s safest to view it as more cyclical (sensitive to waves in ad budget allocation).
• Near-term TTM shows recovery-to-expansion metrics with revenue +16.8%, FCF +18.9%, and EPS +822.1%, but profits have a pronounced “sharp reversal” character—so durability is the key question.
• The balance sheet is low leverage, with Net Debt/EBITDA at -11.57, placing it on the cash-rich side and suggesting capacity to invest in quality maintenance and product improvement.
• The biggest inflection is that AI can be a tailwind that improves discovery quality, while generative AI noise can also be a headwind that undermines trust. Whether Pinterest can protect the “reason to search here” is the central investment hypothesis.