10 AI News Updates You Should Not Miss

5. Pinterest, Inc. (NYSE:PINS)

Number of Hedge Fund Holders: 61

Pinterest, Inc. (NYSE:PINS) operates as a visual search and discovery platform in the United States and internationally. On February 7, Reuters reported that the company forecast first-quarter revenue above estimates. According to data compiled by LSEG, the first-quarter revenue forecast of $837 million to $852 million was above analysts’ average estimate of $832.8 million. This forecast, following better-than-expected record monthly active users and revenue during the fourth quarter owing to a robust holiday shopping season, implies that its AI-powered tools would help increase advertising spending on the platform. Pinterest is using direct response ads that encourage actions such as app downloads or website visits. The company is also investing in AI tools such as its Performance+ suite to improve the targeting of ads. According to CEO Bill Ready, advertisers that were using these tools required 50% fewer inputs to create a campaign.

“Our strategy is paying off. People are coming to Pinterest more often, the platform has never been more actionable”.