Ben Silbermann has confirmed that Pinterest is still on the right track, despite taking a serious tumble in the company’s first quarterly report since becoming a public company.
According to the report, the stock dropped almost 14%, which was a lot higher than forecasted by Wall Street experts. The company reported a loss per share of 32 cents, whereas experts were estimating a loss of around 11 cents per share.
Perhaps the cause of Silbermann’s continued optimism was the fact that the company still managed to exceed expectations and post revenue $1.3 million higher than estimates. Likewise, revenue grew 54% and the number of monthly active users also increased by 22%.
Pinterest works with retailers and companies that deal with consumer-packaged goods. The company is also working on expanding internationally, while moving to smaller and medium-sized firms. Pinterest connects 291 million global users directly to the businesses they need.
Moreover, the business is working on building its advertising tools, with its advertising markets inflating from 7 to 13 in the last three months. The company, which officially launched in January 2010, remains optimistic about its future, forecasting revenue to lie somewhere between $1.06 and $1.08 billion for 2019. If the company does achieve this, it will be the first time Pinterest has passed the elusive $1 billion revenue mark.
The feat would also tie in perfectly with the company closing in on 10 years in operation.
Kevin has been contributing to multiple news websites since 2015. He started his blog back in 2016 tackling technology and business tips. His passion towards journalism and sharing relevant information with global readers pushed his to take journalism major at Boston University. He is now a full-time contributor to Kev’s Best.