Shares of Pinterest Inc. (PINS) surged 4% on Tuesday as the company unveiled new advertising tools at its investor day. Some of the new tools included integrations for Salesforce Inc.’s Commerce Cloud and Adobe Inc.’s Commerce native applications. In addition to this, Pinterest also provided insights into its ongoing artificial intelligence (AI) development.
Analyst Rohit Kulkarni from Roth MKM praised the company’s recent innovations, stating, “We believe innovation has accelerated at Pinterest over the past nine months”. Kulkarni also highlighted the company’s efforts in launching new ad formats, shopping tools, and advertiser tools, suggesting that Pinterest is aiming to create a comprehensive advertising solution that covers the entire marketing funnel.
Despite facing stiff competition in the social media landscape, Pinterest has managed to perform well in the stock market. As of 2023, the company’s stock has risen 9%, while the broader S&P 500 index has grown 15% during the same period.
Pinterest’s latest advancements in ad tools and AI development are in line with its objectives to enhance user experience and attract more advertisers. By integrating with popular platforms such as Salesforce’s Commerce Cloud and Adobe’s Commerce applications, Pinterest aims to provide advertisers with better targeting and engagement capabilities.
Artificial intelligence plays a crucial role in Pinterest’s future plans. Leveraging AI technology, the company aims to improve content discovery, personalize recommendations, and enhance the overall user experience.
Overall, Pinterest’s investor day showcased the company’s commitment to staying competitive and driving innovation in the social media advertising space. With its new ad tools and focus on AI development, Pinterest aims to strengthen its position as a leading advertising platform.
Sources:
– Analyst note Rohit Kulkarni, Roth MKM
– MarketWatch, operated Dow Jones & Co.
