LAGUNA BEACH, Calif. — Pinterest Inc. Chief Executive Ben Silbermann on Wednesday ruled out an initial public offering anytime soon while the social-media site focuses on building out its core advertising business.
Silbermann affirmed reports that the company expects around $300 million in revenue this year, triple last year’s total, primarily through advertisements that run on its website and mobile app. “We’re focused on growing that basic business,” said Silbermann at the WSJDLive 2016 global technology conference. “The business is scaling quickly.”
How Pinterest Learns About Users
Pinterest CEO Ben Silbermann talks about how his company tracks users' preferences. He speaks with WSJ's Rolfe Winkler at the WSJDLive conference in Laguna Beach, Calif.
Pinterest, which has raised about $1.3 billion for a roughly $11 billion valuation, boosted its monthly user totals to 150 million worldwide from 100 million in September 2015. But it still trails other social-media sites Facebook Inc. FB, -0.94% and Twitter Inc. TWTR, +0.17% , which boast more than 1.7 billion and 300 million users, respectively.
Silbermann said Pinterest will more slowly roll out so-called “buyable pins,” posts from which users can buy products just by clicking a button. Similar offerings from Twitter and Facebook have failed to find a large audience, and Silbermann called it a long-term strategy.
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