William Ready: Thanks, Doug. Appreciate the question. So we’re really pleased with our progress on that front. If you think about sort of the fully automated tools out there, we have most of the components that you’d want to see in that. And we’re now bringing those together into a more comprehensive solution. So if you looked at — are bidding now, we’d have a significant majority of our revenue. It would be using — is using automated bidding today. As we look forward into ’24, as we progress through the year, we’re going to be giving advertisers more ability to basically give us targets, give us creative and then leave it to us to go drive campaign results for them. And so we feel like we’re making really great progress there. And so we think that’s another positive factor as we look forward into ’24.
Operator: Thank you. Our next question is from Anthony Post with Bank of America. Anthony has dropped from the call. So our next question will be from Ron Josey with Citi. Please proceed.
Ronald Josey: Great. Thanks for the question. I have two, please. Bill, you talked about when you’re talking about engagement in newer use cases, improvements in users picking up where they left off in prior sessions, talk just more about how that connected search improves overall engagement rates and just the impact to overall use cases? And then with mobile deep linking fully launched in July, love to hear just more insights on overall adoption now or GA. And particularly, I think I heard you say we launched Direct Link in 3Q, but there’s more to go. So any insights on MDL and Direct Link would be helpful. Thank you.
William Ready: Yeah. So on this sort of picking up on Journeys, they’re multi session. One of the things I think people may not fully appreciate is that a significant portion of commercial journeys are, in fact, multi-session. And if you were to look over the shoulder of a user that’s shopping, the way this would manifest as you’d see 30 or 40 browser chats opened at a time, oftentimes, which is reflective of how users think about these shopping sessions as multi-session experiences. This is a real core strength of Pinterest, like that pain point of having 30 or 40 browser tabs open at once. That’s sort of a core pain point that Pinterest solves. And so as users are saving on our platform at an increasing rate, we talked about our most recent cohorts being approximately twice as engaged as past cohorts and saving being a core element of that.
As we’re making that experience easier and better for the users to go save those journeys with us, come back and pick up where they left off and get great recommendations like taking the example I gave us taking the jacket and the shoes that you saved, but then coming back and not only do you get more recommendations about that, but things if you go with it are things are relevant to your style. We’re seeing that really play well with users and give you the more reasons to come back to Pinterest, more frequently for their shopping needs. And so we feel really excited about the results there, but we still have a lot more that we can go forward with. But it’s a core strength of Pinterest. And it’s really unique to our platform, fundamentally different than what users would do on other platforms.
And so as we’re leaning into that, we’re seeing a differentiation assign through more and more. And then on Mobile Deep Links and Direct Links, the great news with Direct Link is that we’ve been able to deploy that more easily for retailers without them having to do work on their end. They still need to do work to measure and then to reallocate budgets. But our ability to go deliver them more clicks, we then will do that without work by the advertisers, particularly with retailers that we’re getting into shopping. And so that 88% lift in clicks that we noted is a tremendous value creation for the advertisers. And as we look forward, and they’re getting that — they’re seeing that come through in their measurement models and they’re thinking about budget, we see a lot of that value capture is still in front of us, even though we’re moving very rapidly on the value creation for the advertiser.
Ronald Josey: Thank you, Bill.
William Ready: Thank you.
Operator: Our next question is from Colin Sebastian with Baird. Please proceed.
Colin Sebastian: Hey. Thanks, guys. Good morning. A couple for me as well. I guess, first off, when you look at the incremental revenues on the platform, I’m curious how much of that growth is from new advertisers versus just higher budget allocation from existing advertisers? And then secondly, apologies if I missed this, but did you provide an update for Q4 to date on API for conversions, the penetration rate across revenues in the platform? Thank you.
