In this Oct. 11, 2018, file photo, Evan Sharp, Pinterest co-founder and chief product officer, poses for a photo, standing beside a wall of pegs symbolizing the company logo at Pinterest headquarters in San Francisco. Pinterest is pinning its future on Wall Street, with the digital scrapbooking site on Friday, March 22, 2019, filing for an initial public offering of stock. (AP Photo/Ben Margot, File)

Pinterest files for IPO

The company said it has more than 250 million users each month

Pinterest is pinning its future on Wall Street, with the digital scrapbooking site on Friday filing for an initial public offering of stock.

It follows a similar filing with securities regulators earlier this month by ride-hailing company Lyft in what is shaping up to be a busy season for technology IPOs. Also expected to sell stock to the public in the coming weeks: Lyft rival Uber and messaging app Slack.

Pinterest said in its filing that it intends to list itself on the New York Stock Exchange using the ticker symbol “PINS.” The company hasn’t yet said how many shares it’s selling in the IPO or how much money it intends to raise.

The San Francisco-based company had revenue of $756 million last year, a 60 per cent bump from 2017. It had a loss of $63 million last year, compared to a loss of $130 million in 2017.

Pinterest allows people to search for and “pin” images as inspiration for fashion, interior design, travel and more.

READ MORE: Airports feared losing revenue to Uber and Lyft. Here’s what happened.

The company said it has more than 250 million users each month, and users have saved more than 175 billion pins since the site was launched.

Pinterest has raised nearly $1.5 billion in the private markets, and was last valued at $12.3 billion in 2017, according to PitchBook Data.

Pinterest has long shunned being labeled a social network. Because of that, it doesn’t push users to add friends or build connections. It also means it’s been able to avoid problems of its larger rivals like Facebook.

But despite the lack of friend networks, many advertisers likely still consider Pinterest to be part of their “social” budgets, said eMarketer analyst Andrew Lipsman, meaning it competes in part with Facebook, Snapchat and others.

Pinterest makes advertising revenue when businesses promote pins in users’ feeds. Pinterest has the potential to be more valuable than most digital media to advertisers, Lipsman said, because it has direct information about what a user wants.

It’s all clear in the search — if a user is searching for new floor lamps or diamond rings, there’s a decent chance they want to buy those things.

“Visual search has a much bigger impact in terms of driving desire,” Lipsman said.

Pinterest was founded in 2010 by Ben Silbermann and Evan Sharp, who still serve as CEO and chief product officer, respectively.

The company has been working on developing its artificial intelligence search, which allows people to take a photo or upload a screenshot of an item and find similar products on Pinterest.

Like many other tech companies, including Facebook and Google, Pinterest will create two classes of stock — one that will give the holder one vote per share, and another that will get 20 votes per share. Shares held by executives and board members will be converted into shares of the second, more powerful, class. Pinterest’s filing did not break down the percentage of ownership.

By Rachel Lerman And Barbara Ortutay, The Associated Press

Like us on Facebook and follow us on Twitter

Just Posted

Uu a thluck Community Dinner hopes to feed 400 at Christmas in Port Alberni

Biennial dinner takes place on Dec. 25 at Alberni Athletic Hall

BUDGET 2020: Alberni’s animal shelter to assume broader social role, says SPCA

Nanaimo manager lays out new educational role to Port Alberni city council

Port Alberni author Shayne Morrow holds book signing

Morrow’s true crime book is featured at Salmonberry’s at Harbour Quay

Motorhome catches fire in Port Alberni mobile home park

Space heater left inside thought to be cause of fire

Aid a priority for idled Vancouver Island loggers, John Horgan says

Steelworkers, Western Forest Products returning to mediation

WATCH: Christmas kettle campaign volunteer gets musical in Port Alberni

Salvation Army hopes to raise $100K to help families hard hit by forestry strike

Pacioretty scores 2, Golden Knights top Canucks 6-3

Vegas goalie Fleury gets win No. 452

B.C. VIEWS: Hunger does not end with the season

Despite innovations in food distribution, the need is still there in B.C. communities

Fans sing Canadian anthem after sound system breaks at BMW IBSF World Cup

The Canadians in attendance made sure their team and flag were honoured on the podium

VIDEO: Fire destroys Big White Ski Resort chalet

Social media eulogies peg the property, nicknamed “The Pharamacy,” as both loved and hated

Prince George RCMP use bait packages to catch porch pirates over the holidays

First-in-Canada program with Amazon looks to combat parcel theft

Nanaimo mechanical engineer creates thief tracking program

Nanaimo Thief Tracking lets users plot and share information about thefts online

Mayor wants B.C. to institutionalize severely mental ill people who are homeless

Those suffering from mental health conditions, such as schizophrenia, need specialized care, mayor says

Most Read