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March 22, 2019, 4:50 p.m. EDT

Pinterest files IPO, shows fourth-quarter profit

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By Max A. Cherney

Pinterest Inc. filed its initial public offering documents late Friday. The image search company said it plans to list on the New York Stock Exchange under the ticker symbol PINS. Pinterest reported fourth-quarter net income of $47 million, up from $3.4 million in the year-ago quarter. The fourth quarter appears to be the company's most profitable: it posted third-quarter losses of $18.8 million, narrowing from $35.7 million in the year-ago period. Fourth-quarter revenue rose to $273.2 million from $173.4 million in the year-earlier quarter. Pinterest reported full-year net losses of $63 million, or 17 cents a share, vs. $130 million or 34 cents a share in 2017; revenue rose to $755.9 million from $472.9 million, in the year-ago period. At the end of 2018, Pinterest reported $135.3 million in cash and negative cash flow of $157,000. Pinterest was last valued by investors at $12.3 billion, according to The Wall Street Journal. Goldman Sachs & Co. J.P. Morgan and Allen & Company are listed as underwriters, among others. The Securities and Exchange Commission filing says the company plans to raise $100 million, though that figure is often a placeholder and will likely increase as Pinterest approaches its listing date.

Read the full story:
Pinterest files IPO, losses narrow as revenue rises 60%

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