Pinterest

Pinterest allows you to store and share collections of images. Users of the service can bookmark their favorite pictures (pins), for example, with recipes and clothes, and create thematic collections (boards) from them. You can add a description to images.

Internet audience

2020: In the top 50 largest Internet sites in the world

2015: App audience - 100 million users

History

2023: Reduction of 5% of staff

In early February 2023, Pinterest began a second round of job cuts. This time, the company is laying off nearly 150 employees, less than 5% of its workforce, TechCrunch reported.

A Pinterest spokesperson confirmed the staff cuts to the portal, but did not say how many people were laid off or which departments were affected. The company also did not provide any information on what terms of severance pay it offers to retired employees. The reduction is scheduled for mid-February 2023 and will last a month.

As TechCrunch notes, citing its own sources, sales specialists the day before were more willing to express their readiness to work actively, but with increased wages, but this did not save many of them from reduction. Technicians more strongly expressed their uncertainty about the future of the photo service and more often left Pinterest of their own free will.

We are making organizational changes to further prepare for the company's priorities and our long-term strategy. All employees who have been affected by the changes have contributed to Pinterest and as they transition we will support them by providing them with severance pay, benefits and other services, a Pinterest spokesperson said in a statement.

According to one of the founders of Pinterest Ben Silberman, as far as reducing the staff in the Internet service, unfortunately, there is no choice... The layoffs will follow immediately after the announcement of earnings for the 4th quarter of 2022, which will be announced on February 6, 2023. Since the beginning of 2023, Pinterest's share prices have risen 16% but are down 2.3% in 2022.

In November 2022, Pinterest closed its "Author Rewards" program to focus on other creator-focused projects. In December 2022, the company made its Shuffles collage app available to everyone.^[1]

2022

Decision of Roskomnadzor on the application of coercion measures

Roskomnadzor On August 19, 2022 Telegram , he announced his decision to apply coercion measures against TikTok Pte. Telegram Messenger Zoom Video Communications Ltd., , Inc., , Inc.,. and Discord, Inc Pinterest, Inc. in the form of informing search engines Internet users that companies have violated the requirements of Russian the law. More. here

A fine of 2 million rubles for refusing to post data of Russians on servers in the Russian Federation

Pinterest photo hosting, where users can add images and compile collections on a specific topic, has been fined for refusing to post data from Russians on servers in the Russian Federation. The corresponding decision was issued on June 28, 2022 by the World Court of the Tagansky District of Moscow.

To find Pinterest guilty of committing an administrative offense under Part 8 of Article 13.11 of the Administrative Code of the Russian Federation... Appoint an administrative fine in the amount of 2 million rubles, - the judge Timur Vakhrameev announced the decision (quotes from RIA Novosti).

At the end of May 2022 Roskomnadzor , he drew up protocols for a number of foreign companies, including Pinterest, which do not comply with the requirements of Russian law and do not localize the databases of Russian users in. Russia The agency previously demanded that a number of foreign companies provide documents confirming that the storage and processing of personal data of Russian users is carried out in the country. Internet companies Airbnb,, Pinterest Likeme,,,, Twitch Apple UPS Google did not provide such data in a timely manner. They were threatened with a fine of up to 6 million rubles.

The law on personal data obliges to store personal data of Russians on the territory of the Russian Federation. The sites of violators, on the basis of a court decision, should be entered by Roskomnadzor into a special register and, in case of refusal to eliminate the violation, be blocked. The law also provides that the department will conduct inspections of companies and, if a violation is detected, will issue an order on the need to eliminate it, for which up to six months are allotted. The law applies to both Russian and foreign companies.^[2]

2021: Purchase of Belarusian mobile photo and video editor Vochi

In early December 2021, the sale of Vochi was announced. The Belarusian developer of a mobile photo and video editor based on machine vision bought the popular Pinterest photo hosting. The value of the transaction has not been announced. Under the terms of the agreement, the entire Vochi team will move to work at Pinterest. Read more here.

2019: Going public: Raising $1.4 billion and capitalizing at $15.8 billion

On April 18, 2019, Pinterest made its initial public offering. After the opening of the New York Stock Exchange, on which social network securities were placed under the ticker symbol TINS, the company's quotes jumped 25%, and the market capitalization amounted to $15.8 billion. Pinterest managed to raise $1.4 billion.

Initially, Pinterest, as part of an IPO, planned to sell shares at a price of $15 to $17, but on the eve of the start of trading, the figure was set at $19. At the opening of the exchange, the papers began to cost $23.75, and in the first hour of trading they rose in price to $25. By the close of the exchange, the value of shares stopped at $24.4.

Pinterest has prepared 75 million shares for sale as part of the IPO. The underwriters of the offering were Goldman Sachs, JP Morgan and Allen, which can purchase another 11.25 million Pinterest securities.

By the beginning of 2019, Pinterest's audience exceeded 250 million users. Judging by the amount of Russian-language content on the site, the service is quite widely in demand in Russia.

In documents published along with the listing application, Pinterest said the company continues to look for new ways to make money and is in the "early stages of its monetization." The growth strategy depends on the number of advertisers attracted, scaling the business and improving advertising tools, Pinterest noted.^[3]

2018: Revenue growth 60% to $755.9 million

In 2018, Pinterest's revenue was $755.9 million, up 60% from a year earlier. Net losses during this time decreased from $130 million to $62.97 million.

Notes