Pinterest Investing in Video Features

Pinterest, one of the pioneers of social commerce, the company's first-quarter results show that it's struggling to compete with companies like TikTok. Pinterest exceeded revenue and earnings expectations in the first quarter, but TikTok's looming success could pose a problem for the future of the platform.

Pinterest reported $575 million in revenue, compared to the expected $573 million, and has also earned 10 cents per share compared to the expected 4 cents. However, the company also reported a 9% drop in users, down to 433 million, compared to the 437.9 million forecasts.

In a subsequent earnings call, investors asked how Pinterest plans to compete with TikTok. The company announced that it has invested in video features such as TikTok's short videos and Idea Pins that replicate Instagram stories.

Ben Silbermann, CEO of Pinterest has said, “This is also strategically important because we think video as a format is just fundamental to the way people get inspired and take action in the future.”

With this, Pinterest wants to attract content creators to its site and differentiate its products with narration, background music, step-by-step DIY project guides, and more.