Pinterest Stock Plummets Amid Earnings Miss, But Search Volume Surpasses ChatGPT

Despite reporting a significant earnings miss that sent its stock tumbling over 20% in after-hours trading, Pinterest has unveiled a compelling, if unexpected, data point: user searches on its platform now exceed those on OpenAI’s ChatGPT. The revelation, disclosed during the company’s Q1 earnings call, has sparked renewed debate among analysts about the long-term value of engagement metrics versus traditional financial performance.

According to Reuters, Pinterest’s revenue fell short of Wall Street expectations by 4.2%, primarily due to weaker-than-anticipated advertising spend in key verticals like fashion and home decor. The company reported a net loss of $102 million, compared to a profit of $38 million in the same period last year. CEO Bill Ready acknowledged the challenges, citing "macroeconomic headwinds" and increased competition from TikTok and Instagram Reels as primary factors impacting ad revenue.

Yet amid these financial setbacks, Pinterest highlighted a 38% year-over-year increase in monthly active search queries—reaching over 4.5 billion per month. The company claims this volume surpasses that of ChatGPT, which OpenAI has previously reported at approximately 4 billion monthly searches. While ChatGPT’s figures are based on conversational prompts and generative queries, Pinterest’s metric includes visual and intent-driven searches such as "rustic kitchen ideas" or "best running shoes for flat feet."

"We’re not just a social media platform—we’re becoming the world’s visual search engine," said Ready during the call. "Users are coming to Pinterest to plan, discover, and solve real-life problems, not just scroll. That behavioral shift is fundamental to our strategy."

Industry observers note that while search volume is a strong indicator of user engagement, it does not automatically translate to monetization. Unlike search engines like Google or even ChatGPT, which can monetize queries through ads or API licensing, Pinterest’s ad model relies heavily on product pins and shoppable content—both of which are still in development.

"Pinterest’s challenge is turning curiosity into commerce," said Sarah Lin, a senior analyst at TechCrunch. "Having more searches than ChatGPT is impressive, but if users aren’t clicking on ads or making purchases, that traffic doesn’t pay the bills. Investors are rightly focused on the bottom line."

Nevertheless, internal data suggests that search-driven users on Pinterest exhibit higher purchase intent than users who engage primarily through feeds. The company reported a 22% higher conversion rate on search-initiated product pins compared to feed-based impressions. This data point has led some analysts to speculate that Pinterest may be laying the groundwork for a future monetization pivot—potentially rivaling Google’s Shopping Graph.

Investor sentiment remains cautious. While some hedge funds have begun accumulating shares on the belief that Pinterest’s search dominance could be a "hidden asset," others have downgraded the stock, citing lack of clear path to profitability. The company has not provided guidance for Q2, further fueling uncertainty.

Meanwhile, the contrast between Pinterest’s search volume and ChatGPT’s highlights a broader trend: users are increasingly seeking structured, visual, and actionable information—not just conversational AI responses. Pinterest’s success in this niche may signal the rise of "intent-based discovery platforms" as a new category in digital media.

As the company looks ahead, its ability to convert search traffic into sustainable revenue will be the defining test of its future. For now, Pinterest stands at a crossroads: a platform with unparalleled user intent data, but still struggling to monetize it at scale.