Image-sharing blogging website Pinterest files for IPO

Daniel Fowler
March 25, 2019

As one of two dominant ride-hailing companies, Lyft was used by more than 30 million people across North America past year, generating $8.1 billion in gross bookings and $2.2 billion in revenue.

Image search site Pinterest Inc. revealed steady revenue gains with narrowing losses as well as a big bet on overseas expansion, as it joined a surge of technology-related companies planning to go public in the U.S. The filing has not said how much the company seeks tor raise or the number of shares available. In 2018, the company's revenue jumped by nearly 60 percent to $755.9 million, although it lost about $63 million. Pinterest applied to list on the New York Stock Exchange under the ticker PINS. The San Francisco-based company has grown rapidly since its founding in 2008, boasting 250 million monthly active users last September.

Pinterest has long shunned being labeled a social network. It also means it's been able to avoid problems of its larger rivals like Facebook.

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Pinterest's main source of revenue is advertising by businesses that promote pins to users searching for particular items or experiences. 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. Pinterest executives, including CEO Ben Silbermann, will have stock with voting rights that would allow them to maintain control. Many technology giants, including Alphabet Inc.'s Google, Microsoft Corp. and Apple Inc. trade on Nasdaq, which was once the dominant exchange for tech upstarts going public.

However, Pinterest said Class B shares will automatically convert into common shares seven years after the IPO.

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