We made some good decisions over the past year, including raising $1.5 billion in February to strengthen our balance sheet, but ultimately we failed to accurately predict both the magnitude and speed of the macroeconomic changes. Even after making the difficult decision to reduce our cash cost structure by $500 million, including reducing the size of our team by 20%, we have a lot to be grateful for: a large and growing community of nearly 350 million daily active users, a faster revenue growth rate than Pinterest, Twitter, YouTube, and Meta last quarter, and a pipeline of innovative products and features to deliver for our community. We saw challenges on the horizon, and hedged our bets accordingly, but still got punched in the face hard by 2022’s new economic reality.
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