In August, Elliott Management confirmed that it was Pinterest's top investor and voiced support for Ready, who formerly led Google's commerce business. Pinterest reportedly laid off around 150 employees last week, joining the growing list of technology companies like Meta, Alphabet and Salesforce that have fired workers in recent months. Snap said sales in the fourth quarter were slightly up year-over-year to $1.3 billion, which missed analyst expectations of $1.31 billion.Īmazon's digital advertising unit represented a bright spot during the fourth quarter, with sales in that unit jumping 19% to $11.6 billion. Additionally, revenue in Alphabet's YouTube unit sank 8% year-over-year to $7.96 billion in the fourth quarter. Meta said last week that its fourth-quarter sales dropped 4% year-over-year to $32.2 billion, while Alphabet's Google ad business recorded $59 billion in fourth-quarter revenue, a 3.6% drop from the same quarter last year. Pinterest's fourth-quarter earnings come after many ad-supported companies reported tepid results. The company also said that its chief marketing and communications officer Andréa Mallard and its chief revenue officer Bill Watkins will now report directly to Ready.

'While the industry as a whole is facing headwinds, we are adapting quickly to a changing macro environment and are committed to creating a more positive online experience for our users and advertisers,' Pinterest CEO Bill Ready said in a statement.

Company pinterest