Pinterest Inc. losses are narrowing as revenue nearly doubled, according to the company’s initial public offering documents filed late Friday.
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.
The image search company said in the documents it plans to list on the New York Stock Exchange under the ticker symbol PINS.
The San Francisco-based business 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.
