It’s believed that two-thirds of all content people pin comes from a retail site or blog (rather than from an individual) - perhaps not surprisingly, as this is where all the cool, new products come from.Īs a so-called unicorn with a valuation of $11 billion, could Pinterest be getting ready for a public offering? There have been rumors, but Pinterest chief executive Ben Silbermann has quashed them by saying: “We don’t have any short-term plans to go public.” The number of searches done on Pinterest has also grown 81 percent annually, but the company didn’t disclose that specific number. The company told VentureBeat that the numbers of Pinners “have doubled” in the past 18 months and that about 70 percent of people aren’t just visiting the site, but are also finding items of interest and taking action (save or click-through). In other statistics, Pinterest appears to be growing across the board. With all this attention, the company may feel it has to demonstrate the value of investing in its platform. But why now? It’s not immediately clear, but Pinterest has been finding new ways to monetize itself –through Ad Pins and now by opening up its Developers Platform, which includes participation from IFTTT, Polyvore, and, most recently, Topshop. Pinterest forecast 2020 revenue of up to $1.52 billion, while analysts were expecting $1.50 billion.Įxcluding certain items, the company earned 12 cents per share in the latest quarter, beating estimates of 8 cents.“Pinterest started five years ago as a place to save the best of the Web, and has evolved into a discovery engine that helps people discover, save and do things they love,” said a company spokesperson in an email with VentureBeat.Īlthough it was founded in 2010, it’s taken five years for the company to publicly declare its user numbers.
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The company's shares are up 22 percent since the listing in April, while Uber Technologies' stock is down 17 percdnt and its rival Lyft 34 percent since their IPOs. Pinterest is one of the exceptions among the so-called unicorns, or startups valued at more than $1 billion, that went public last year.
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"This year, we plan to focus on improving the experience from midsized and international advertisers," said Chief Executive Officer Benjamin Silbermann. The company overtook Snap's Snapchat as the third-biggest social media platform in the United States in 2019, according to market researcher eMarketer and its worldwide digital ad market share grew slightly to 0.3 percent. Pinterest generates revenue by placing ads next to pins or posts in the feed that users, or "Pinners", upload to its platform. Average revenue per user was $1.06 a year earlier. The company on Thursday also beat estimates for average revenue per user, reporting $1.22 per user globally compared with expectation of $1.14, according to FactSet. Shares tumbled 19 percent on October 31 after the release. Pinterest missed Wall Street estimates for quarterly revenue in the third quarter on lower-than-expected average revenue per user. "The impressive revenue upside shows Pinterest is back on track following the air pocket the company hit in Q3," said Atlantic Equities analyst James Cordwell.
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Total revenue jumped 46 percent to $400 million in the fourth quarter, while monthly active users climbed 26 percent to 335 million globally.įinancial analysts tracked by Refinitiv had expected revenue of $371.2 million, while user additions were projected at 331.3 million by market research firm FactSet. "We've seen great success in monetizing in English-speaking countries outside of the US and the investments we've made in Western Europe are paying off nicely," Chief Financial Officer Todd Morgenfeld said on a post-earnings call. The company also beat estimates for average revenue per user and provided a bullish 2020 sales forecast as measures like adding augmented reality features to its platform and expanding into markets like Denmark, Norway and Switzerland attracted more users. Image sharing company Pinterest beat analysts' estimates for fourth-quarter revenue and profit on Thursday, as efforts to improve user interaction and expand globally paid off, sending its shares surging 17 percent in extended trading.