William Ready: Yeah. So on your first question, we’ve seen certainly a nice mix of new advertisers coming in as well as they’re seeing compelling results. But as I noted in my prior comments, our strength, particularly in retail has been broad-based. And we’ve actually seen the larger, more sophisticated advertisers have been at the core of that. And so seeing those most sophisticated advertisers are seeing great performance from us. There is a cohort growing faster than our revenue overall. In fact, across all of our large sophisticated advertisers, particularly in retail, we’re seeing them growing faster than our revenue growth rate overall. So I think that bodes really well for just how our lower funnel performance-oriented solutions are driving value for advertisers and that’s working well with large retailers.
It’s also helping to bring in emerging categories as well. To comment on some of those emerging categories like travel and financial services and others. And so there are new advertisers coming on to the platform as well. But retail has been the largest contributor to our growth, and driven particularly by larger sophisticated advertisers, which we always say, if you can make them happy, you can make just about anybody happy. And so we expect that, that trend of other advertisers coming in or leaning more into the platform will only continue.
Julia Donnelly: And then, Collin, to your second question about the sort of penetration update on API for conversion. So we did not update that stat simply because we just gave it to you all last month at Investor Day. So just a reminder there, at that time, we said that as of August, 28% of total revenue has adopted the API for conversions app, which is up from 14% at the start of the year. So continuing to see nice progress there.
Operator: Thank you. Our next question is from Mark Kelley with Stifel. You may proceed.
Mark Kelley: Great. Thanks very much. I have two quick ones. The first one is just on just the importance of whether it’s Amazon or other third-party demand partners that you bring on over time. I guess how important are those partnerships to international expansion? Does that make it easier, partnering with a tech provider that’s kind of widely adopted? That’s the first one. And then the second one, just a follow-up on API for conversions. Is that something that you expect to kind of slowly increase in terms of adoption and then kind of a rush at the last minute when cookies are deprecated on Chrome? I guess what’s the path forward bigger picture?
William Ready: Thanks for the questions, Mark. So on your first question there, we’ve not talked about — there’s no specific new announcements around third-party for international anything like that. But we have talked about how we are significantly undermonetized internationally and that as we look forward, and think about how 3P could help with our business overall, international is definitely a place that we think third-party demand can be particularly helpful. We had some comments on this in Investor Day, both around third parties around working with resellers internationally, all of which can help accelerate our progress. international. So that’s definitely something that we’re focusing on as we go into next year is driving greater ARPU internationally given our under monetization there.
And we see third-party as a contributor to that, along with other efforts like resellers and other things that can bring relevant demand onto the platform internationally. And then on Cappy (ph), to your point, as we go into ’24, I think we’ve seen, as we look back towards the larger, more sophisticated advertisers have been at the earlier end of the adoption curve on these things. But as we look into ’24 and there’ll be — that has been stated, desire to make further progress by browser — major browser providers and deprecating cookies. I think that will create more forcing function for the industry as we go into ’24. So I don’t have a better crystal ball than anybody else, but I do think as we move toward that cookie less future that will create some forcing function for advertisers to implement privacy safe measurement.
And then I think the other thing just as we face a cookies future, we talked about this, we think the industry broadly is in a similar boat around the implement privacy safe measurement tools. But we think platforms are in very different boats as it pertains to being able to serve relevant ads to users and stated very simply, Pinterest doesn’t need to follow users around the Internet to know what they’re interested in. Users come on Pinterest and tell us what they’re interested in. So our ability to serve great relevant ads to users is driven by what users do on our platform, correctly by our first a signal. And so we think we’re positioned quite well as it pertains to delivering great relevant ads for users even as we move into a cookie less future.
And then on the measurement side, yes, the industry I suspect we’ll continue to accelerate the adoption of those prove safe management tools as we go into ’24.
Operator: Thank you. Our next question is from Tom Champion with Piper Sandler. You may proceed.
Tom Champion: Good afternoon. Bill, on Amazon, is there any sensitivity to managing the existing 1P advertiser base when layering on a major partner or additional partners in the future? Is there any impact to existing advertiser price or ROI or any trade-off there to keep in mind? And then Julia, maybe for you, just curious if you could discuss the very strong revenue growth in Europe in 3Q. Any call outs there? Anything to monitor on the regulatory front there as well? Thank you.
William Ready: Thanks, Tom, for the questions. To your point on 1P versus 3P, I think you’re sort of getting out, like is there a channel complex kind of issue there. And we’ve not really seen that surface. What we’ve really seen surface, and I think this is evidenced by the meaningful increase in relevance is that we’re really seeing a lot of new demand that’s coming through that. You would have the relevancy increases if you weren’t seeing new demand that wasn’t already on the platform. So that’s really been the highlight so far is that it’s making it so that there’s new relevant demand showing up on our platform, which is why it’s been so engaged in positive for users. So we’ve not seen any particular concern there, certainly something we would watch for and pay attention to. We actually think these things are quite synergistic with one another. And then I’ll give it over to…
