In a letter to investors, Pinterest said economic challenges are leading marketers to reel in spending.
"The macroeconomic environment has created meaningful uncertainty for our advertiser partners," Pinterest said in the letter." The company said it saw"lower than expected demand from U.S. big box retailers and mid-market advertisers, who pulled back ad spend due to concerns about weakening consumer demand."
Pinterest said that its third-quarter guidance takes into account"slightly greater foreign exchange headwinds" than the previous quarter.that Elliott Management built a stake of over 9% in the company.as the company's CEO, and was replaced by Bill Ready. Ready was previously the leader of Google's commerce unit, insinuating that Pinterest would further push into e-commerce and online retail.
"As the market-leading platform at the intersection of social media, search and commerce, Pinterest occupies a unique position in the advertising and shopping ecosystems, and CEO Bill Ready is the right leader to oversee Pinterest's next phase of growth," Elliott Management said in a statement.
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