Pinterest pencils in revenues of $500m for the year
Photo sharing platform Pinterest has revealed that it expects to generate $500m in revenue for the year, adding some meat to the bones of its $11bn valuation and fueling speculation that it may be poised to follow in Snapchat’s wake and pursue its own IPO.
The 2017 figure is accounted for entirely by advertising and may even be a conservative estimate, with some optimists speculating that the final figure could reach as high as $600m. By way of comparison Snap generated roughly $400m in revenue a year prior to being valued at upwards of $20bn on the stock markets.
Whatever the final sum it will be someway north of the $300m in revenue banked last year and the mere $100m taken home in 2015 and is product of the success of a single pad format, promoted pins, which allows advertisers to forward their posts to non-followers.
In a statement given to Recode Pinterest said: “We're very happy with our revenue trajectory but aren't sharing specifics about our revenue projections at this time. With regard to an IPO, we don’t have any current plans for an IPO right now because we’re focused on growing the business.”
In recent years Pinterest has pushed its visual search proficiency, enabling users to buy products they stumble upon when using the service, although it makes no money on sales completed as a result.