![]() But the deal did not happen, after the payments company’s shareholders balked at the idea, according to the Journal. +1.43% last October reportedly made an overture to buy Pinterest, in the hopes it could spearhead this shift into e-commerce. It has been beta testing a product called Your Shop, a personalized shopping page customized to users’ activities and preferences, with a direct purchasing option for Shopify merchants within the app. But Pinterest is not exactly top of mind among consumers for online buying. Indeed, Pinterest has made moves in the past year to get its users to do some shopping, and some ads lead to product websites. Its current revenue comes from advertising. While first-quarter revenue of $575 million grew 18% year over year, it fell 32% from the December-quarter revenue peak of $847 million.īut the bigger issue ahead is the company’s desire to remake itself into a place to buy things, instead of a scrapbook to share images of design, decorating and fashion ideas from content pinned by users - some of which eventually lead to dead links, or more often, items that cannot be purchased. The most immediate is that its current user base has declined after a pandemic surge, as seen in the first quarter when its global monthly active-user count declined nearly 10% to 433 million. Success in that next chapter, though, is easier said than done. Silbermann told the Wall Street Journal that he believes “Bill’s actually going to be a better CEO than I am for this next chapter.” Investors clearly believed that Ready will be a better candidate for this next phase, sending Pinterest shares up nearly 4% in after-hours trading Tuesday. ![]()
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