Pinterest publicly files for IPO

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Pinterest publicly files for IPO

By Dan Berthiaume - 03/22/2019
Image search site Pinterest Inc. has made it official – it intends to launch an IPO in 2019.

Pinterest, which confidentially filed for an IPO last month, will list its Class A common stock on the New York Stock Exchange under the ticker symbol “PINS.” The company’s S1 prospectus does not specify the expected range of its initial share price. Previous reports indicate the company wants an IPO valuation of at least $12 billion.

However, Pinterest has released some details about its financial performance. The company earned $755.9 million in revenue the year ending Dec. 31, 2018, with net loss for the year of about $63 million. The company has more than 250 million monthly active users, 2 billion monthly searches, and more than 175 billion “pins,” or images saved by users.

Pinterest has been increasingly trying to position itself as an e-commerce company as well as a visually-oriented social platform. This week, Pinterest tapped Walmart CTO Jeremy King, who is credited for the discount giant’s omnichannel transformation, as head of engineering. Other recent moves toward e-commerce include shoppable product pins, and a computer vision update to its Shop the Look feature that connects users to checkout links for pinned items.