In this first take following tonight’s results, we touch on: 1. 2Q guide in-line with NSR, nicely ahead of consensus; 2024 commentary as expected 2. More value capture coming from lower funnel, as CAPI adoption reaches 40% of revenue 3. Third-party revenue was “emerging contributor” in 1Q, expected to ramp through 2024 4. Seven quarters of accelerating MAU growth and +40% of MAUs are Gen Z 5. Dry powder building on balance sheet
We review the setup for the stock and key controversies, including: 1. AMZN, GOOGL and how material 3P revenue becomes in 1Q24 and beyond 2. China impact begins to ease, but less exposure than META We also review what to listen for on the earnings call, our top questions for management, and potential positive & negative catalysts for PINS.
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