Pinterest’s user base seems to be increasing
Digital pinboard Pinterest (PINS) went public on April 18. The stock surged 28.4% on its first day of trading and closed at $24.4. The company built hype in the months leading up to its IPO, which may have been the cause of the major surge in users on its app.
According to SensorTower, the app was among the top 20 most downloaded apps in the United States during the first quarter of 2019.
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Pinterest has seen linear growth in its number of monthly active users. It currently has ~250 million monthly active users.
Pinterest’s revenue surges, losses shrink
Pinterest declared in its S-1 form that it generated $755.9 million in revenue in 2018, up 59.9% from 2017. Its revenue has grown over two and a half times since 2016. Pinterest was also able to shrink its losses from $130 million in 2017 to $63 million last year.
The good news for Pinterest investors is that the company has been growing its user base, unlike other social media platforms such as Snapchat and Twitter. However, the ten-year-old company is still not profitable, unlike Twitter. It seems to be heading toward profitability, but it’s calling itself a visual discovery tool instead of a social media company.
Pinterest stock was down 1.5% in the first 30 minutes of trading on April 22, its second trading day.