Pinterest grew Q4 year-over-year revenue by 4 percent, to $877 million, while full year sales jumped 9 percent in 2022 totaling $2.8 billion. The company said that global monthly active users also grew by 4 percent in the three month period ending December 31, to a total of 450 million. CEO Bill Ready emphasized on the earnings call the intent to eventually “make every pin shoppable.” Similar to how it is monetizing still images Pinterest is focusing on making videos “more actionable” by applying what it calls “our computer vision technology.”

Pinterest stock fell “as much as 12 percent” on the Q4 revenue news, which fell short of Refinitiv projections, as well as a tepid Q1 forecast, reports CNBC, noting “Pinterest recorded net income of $17 million in the fourth quarter, but logged a net loss of $96 million for the full year.”

“While the industry as a whole is facing headwinds, we are adapting quickly to a changing macro environment,” Ready said in the earnings release. Pinterest also announced that its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock over the next 12 months.

“Ready mentioned that the video supply on the platform grew by 30 percent quarter-over-quarter thanks to Gen Z users, who contributed to half of the video pins on Pinterest in Q4,” TechCrunch writes. “The good news for the company is that videos are contributing to a good chunk of its revenue.”

Ready said video accounts for more than 10 percent of the social site’s engagement, and that “more than 30 percent of our revenue is on short-form video.” Pinterest is looking to AI and computer vision “to identify products and trends within the video so the platform can return better results for search terms,” TechCrunch said.

Others in the short-form video space are looking to tap into monetization, TikTok began experimenting with a shopping feed in June, while YouTube Shorts added shopping in November.

Even Amazon is getting in on the act, launching in December “a new feed called Inspire, which is a mix of short videos and photos to give users ideas about shopping,” writes TechCrunch, noting that Inspire is “currently available for U.S.-based customers,” featuring “content from influencers, brands and other users too.”

Bloomberg reported this month that Pinterest is laying off about 150 employees, less than 5 percent of its total workforce of about 4,000. It joins the ranks of Amazon, Microsoft, Meta Platforms and Alphabet, which “have all announced job cuts in the thousands,” per Bloomberg.