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)

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

(Advocate file photo)
Red Deer down to 102 active COVID-19 cases

Central zone has 332 cases with 26 in hospital and five in ICU

Photo Courtesy of the Town of Sylvan Lake
Multiple edible parks found throughout Sylvan Lake

Apple trees, berry bushes and more have been planted in various parks around town

Curtis Labelle. (Photo Submitted)
More exciting music to come from Sylvan Lake’s Curtis Labelle

Curtis Labelle has been called Canadian Elton John or Billy Joel by fans

The Government of Alberta identified 115 new COVID-19 cases Sunday, bringing the provincial total to 3,089.
(Black Press file photo)
Red Deer COVID cases continue to fall

114 cases in Red Deer, down one from Saturday

Maskwacis Pride crosswalk (Left to right): Montana First Nation Councillor Reggie Rabbit, Samson Cree Nation Councillor Louise Omeasoo, Samson Cree Nation Councillor Katherine Swampy, Samson Cree Nation Councillor Shannon Buffalo, Samson Cree Nation Chief Vern Saddleback.
Pride in Maskwacis

The 4th inaugural Maskwacis Pride crosswalk painting took place on Saturday June 12th, 2021

People watch a car burn during a riot following game 7 of the NHL Stanley Cup final in downtown Vancouver, B.C., in this June 15, 2011 photo. THE CANADIAN PRESS/Geoff Howe
10 years ago: Where were you during the 2011 Vancouver Stanley Cup Riots?

Smashed-in storefronts, looting, garbage can fires and overturned cars some of the damage remembered today

(Black Press Media file)
Dirty money: Canadian currency the most germ-filled in the world, survey suggests

Canadian plastic currency was found to contain 209 bacterial cultures

A worker, at left, tends to a customer at a cosmetics shop amid the COVID-19 pandemic Thursday, May 20, 2021, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Half of cosmetics sold in Canada, U.S. contain toxic chemicals: study

Researchers found that 56% of foundations and eye products contain high levels of fluorine

Annamie Paul, leader of the Green Party of Canada, speaks at a news conference on Parliament Hill in Ottawa, on June 10, 2021. THE CANADIAN PRESS/Justin Tang
Green Leader Annamie Paul facing no-confidence motion from party brass

move follows months of internal strife and the defection of MP Jenica Atwin to the Liberals

Tulips bloom in front of the Supreme Court of Canada in Ottawa, Thursday, May 10, 2018. Day two of a full week of scheduled hearings will be heard in Federal Court today on a case involving Indigenous children unnecessarily taken into foster care by what all parties call Canada’s “broken child welfare system.” THE CANADIAN PRESS/Sean Kilpatrick
AFN slams Ottawa for ‘heartless’ legal challenge of First Nations child compensation

2019 decision awarded $40,000 to each Indigenous child removed before 2006

A health-care worker holds up a sign signalling she needs more COVID-19 vaccines at the ‘hockey hub’ mass vaccination facility at the CAA Centre during the COVID-19 pandemic in Brampton, Ont., on Friday, June 4, 2021. This NHL-sized hockey rink is one of CanadaÕs largest vaccination centres. THE CANADIAN PRESS/Nathan Denette
‘Vaxxed to the max’: Feds launch Ask an Expert campaign to encourage COVID shots

Survey shows that confidence in vaccines has risen this spring

Children’s shoes and flowers are shown after being placed outside the Ontario legislature in Toronto on Monday, May 31, 2021. THE CANADIAN PRESS/Frank Gunn
Ontario commits $10 million to investigate burial sites at residential schools

Truth and Reconciliation Commission identified 12 locations of unmarked burial sites in Ontario

Two hundred and fifteen lights are placed on the lawn outside the Residential School in Kamloops, B.C., Saturday, June, 13, 2021. The remains of 215 children were discovered buried near the former Kamloops Indian Residential School earlier this month. THE CANADIAN PRESS/Jonathan Hayward
Days after Kamloops remains discovery, Tk’emlups families gather to unite, move ahead

‘We have to work together because this is going to be setting a precedent for the rest of the country’

In this Saturday, May 29, 2021, file photo, people crowd the Santa Monica Pier in Santa Monica, Calif. California, the first state in America to put in place a coronavirus lockdown, is now turning a page on the pandemic. Most of California’s coronavirus restrictions will disappear Tuesday, June 15, 2021. (AP Photo/Damian Dovarganes, File)
With COVID tamed, it’s a ‘grand reopening’ in California

No more state rules on social distancing, no more limits on capacity, no more mandatory masks

Most Read