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Photo sharing social media platform <keyword id="939877" type="COMPANY" weightage="20" keywordseo="Pinterest">Pinterest</keyword> has reached 442 million <keyword id="10186729" type="UNKNOWN" weightage="20" keywordseo="global-monthly-active-users">global Monthly Active Users</keyword> (MAUs), a 37 per cent increase (year over year). The Q3 revenue grew 58 per cent to $443 million while net loss was $94 million for Q3, the company said in a statement late on Wednesday. Average revenue per user was up 15 per cent to $1.03. "More than ever before, people are coming to Pinterest to get inspiration for their lives -- everything from planning early for a socially distant Halloween to creating great home schools for their kids," said <keyword id="971181" type="PERSON" weightage="20" keywordseo="Ben-Silbermann">Ben Silbermann</keyword>, CEO and co-founder, Pinterest. "Our top priority is to continue making Pinterest home to the most inspiring and actionable content." The stocks jumped 23.8 per cent after Pinterest beat <keyword id="639038" type="PERSON" weightage="20" keywordseo="analyst-expectations">analyst expectations</keyword> with its Q3 earnings. "We're extremely pleased with the broad based strength of our business, driven by recovering advertiser demand as well as positive returns from our investments in advertiser products and international expansion," said <keyword id="7642486" type="PERSON" weightage="20" keywordseo="Todd-Morgenfeld">Todd Morgenfeld</keyword>, CFO and Head of <keyword id="471084" type="COMPANY" weightage="20" keywordseo="Business-Operations">Business Operations</keyword>, Pinterest. The company's current expectation is that Q4 revenue will grow around 60 per cent year over year. "We continue to navigate uncertainty given the ongoing COVID-19 pandemic and other factors," it said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/byjus-backer-lightspeed-india-invests-in-a-live-tutoring-platform-teachmint/articleshow/78924152.cms" data-type="tilCustomLink">BYJU'S backer Lightspeed India invests in a live tutoring platform Teachmint</a> <a href="https://www.businessinsider.in/india/news/covid-19-vaccine-updates-pfizer-moderna-to-roll-out-covid-19-vaccine-by-december/articleshow/78924143.cms" data-type="tilCustomLink">COVID-19 vaccine updates: Pfizer, Moderna to roll out COVID-19 vaccine by December</a> <a href="https://www.businessinsider.in/stock-market/news/dow-craters-943-points-in-worst-day-since-june-as-virus-spike-spurs-new-lockdowns/articleshow/78921995.cms" data-type="tilCustomLink">Dow craters 943 points in worst day since June as virus spike spurs new lockdowns</a>

Pinterest stock soars 23% as the social media platform garners 442 million global monthly active users

<ul class="summary-list"><li><keyword id="939877" type="COMPANY" weightage="60" keywordseo="Pinterest">Pinterest</keyword> reported blow-out third-quarter earnings this week, with revenue up 58% year-over-year. </li><li>Its strong quarter was due to a combination of factors, most of which are related to the <keyword id="8829783" type="UNKNOWN" weightage="60" keywordseo="coronavirus-pandemic">coronavirus pandemic</keyword>: increased engagement during COVID lockdowns, a rise in <keyword id="6357762" type="UNKNOWN" weightage="60" keywordseo="online-shopping">online shopping</keyword>, and people seeking an escape from a grim news cycle. </li><li>"At Pinterest, we continued to focus on what we can control: supporting all of our stakeholders in this unpredictable time," CEO Ben Silbermann and CFO Todd Morgenfeld wrote in a letter to shareholders. "This included giving Pinners and brands a positive place to be online during a divisive election in the United States."</li><li>Pinterest saw a 37% increase in monthly active users since last year, with strong growth among young users. The company also noted user growth after the release of iOS 14, when users were looking for home</li><li>screen inspiration. </li><li>Pinterest is unique among social media apps for its lack of news posts and internet trolls. Its strong quarter proves that the app is a pleasant, dependable distraction during a challenging time. </li></ul>If you open up Pinterest right now, you'll see pictures of people are wearing expertly applied makeup and well-tailored outfits, beautiful home decor, delicious-looking recipes, and travels to the American Southwest or the Amalfi Coast.In the world depicted on Pinterest, employment is high, the election isn't a factor, and no one is wearing a mask, because there is no pandemic. Throughout the last eight months, I have turned to Pinterest almost religiously as a brief escape from everyday life. The app serves as a virtual mood board and recommendation engine, and offers up an endless stream of content curated around both my current interests and those I haven't discovered yet. For me, it's a pleasant, dependable distraction. It seems I'm not alone. After a decade of being something of an anti-social-network with a devoted following of hobbyists, Pinterest is surging. The company posted <a href="https://www.cnbc.com/2020/10/28/pinterest-stock-soars-more-than-10percent-revenue-up-49percent.html">blow-out third-quarter earnings</a> this week, reporting $443 million in revenue, up 58% year over year. The app is now boasting 442 million users worldwide, a 37% growth in monthly active users since last year. Pinterest's strong quarter sent its stock <a href="https://www.cnbc.com/2020/10/29/pinterest-more-than-delivered-the-goods-in-q3-on-back-of-ad-rebound.html">soaring 27%</a> on Wednesday. Pinterest isn't shying away from its position as a positive place to hang out in an otherwise bleak landscape."In Q3, the world was still dealing with the economic and health challenges brought on by COVID-19. Nobody knows exactly how all of this will play out," CEO Ben Silbermann and CFO Todd Morgenfeld wrote in a letter to shareholders."But at Pinterest, we continued to focus on what we can control: supporting all of our stakeholders in this unpredictable time. This included giving Pinners and brands a positive place to be online during a divisive election in the United States," they wrote.<h2>High engagement during lockdowns</h2><div type="image" title="Pinterest" height="1998" width="2664" msid="78961426" hostid="261"></div>Pinterest's strong quarter was fueled by a swell of new users on the platform, particularly those under 25, Silbermann and Morgenfeld noted in the shareholder letter.Many of those <a href="https://www.businessinsider.com/apple-ios-14-widgets-home-screen-ideas-pinterest-downloads-2020-9">young users flocked to Pinterest</a> after the release of iOS 14, Apple's latest smartphone operating system, which allows iPhone users to customize their home screens using widgets. The hunt for home screen inspiration led to millions of new users, Pinterest said. "We experienced a particular benefit of about 4 million global MAUs at the end of the quarter as younger users upgraded their iPhones to iOS 14 and used Pinterest for inspiration for customized background filters," Silbermann and Morgenfeld wrote.Overall, app usage seems closely tied to the pandemic: The company said it saw higher engagement during <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> lockdowns — when those lockdowns lifted, Pinterest saw engagement decrease. Users who joined during the pandemic have been relying Pinterest to search for something specific, the company says, and have "higher commercial intent" — meaning, those users are looking to shop. Pinterest says that the number of users engaging with its built-in shopping platform is risen 85% since March.Andrew Lipsman, a principal analyst at eMarketer, said following Pinterest's earnings that the company is a beneficiary of the rise in online shopping."The company is especially well positioned for the moment, with users flocking to the site for inspiration amid new pandemic habits and also benefiting from the surge in ecommerce buying," Lipsman wrote.Analysts at MKM Partners said that although it's still "early days" for shopping on Pinterest, growth will only continue, <a href="https://www.cnbc.com/2020/10/29/pinterest-more-than-delivered-the-goods-in-q3-on-back-of-ad-rebound.html">according to CNBC</a>. "Catalog growth and integration with leading eCommerce ecosystem stakeholders such as Shopify is going to increase the importance of Pinterest in the overall shopping funnel," the firm wrote.But there's more to Pinterest's growth than bored young people stuck inside or a global acceleration in online shopping: advertisers are looking for a more pleasant place to spend their money.Pinterest has <a href="https://business.pinterest.com/content/it-pays-to-be-positive/">billed itself</a> to advertisers as a smarter alternative to Facebook, Twitter, and other social media sites given its lack of news-related content and its reputation for having fewer internet trolls. This past summer, when civil rights organizations urged brands to stop advertising on Facebook over its hate-speech moderation and <a href="https://www.businessinsider.com/companies-no-longer-advertising-on-facebook-after-poor-speech-moderation-2020-6">major companies like Starbucks, Unilever, and Verizon joined the boycott</a>, it seems to have paid off for Pinterest, at least in the near-term. "Spend from the group of advertisers boycotting social media accelerated in Q3, though it's not yet clear how sustainable this trend will be, particularly after the US presidential election cycle ends," Silbermann and Morgenfeld wrote in the shareholder letter.Morgenfeld said during the company's earnings call though Pinterest isn't banking on the trend to continue, it believes "the positivity of Pinterest is a long-term competitive advantage."While there's no telling if Pinterest's welcoming and stress-free platform will continue to fuel it's growth in the fourth quarter and beyond, one thing remains true: for anyone overwhelmed by the news cycle or looking for a few minutes of escape, Pinterest remains one of the most relaxing places on the internet.

Pinterest is booming as online shopping surges and Americans seek a soothing escape from reality

<ul class="summary-list"><li><keyword id="939877" type="COMPANY" weightage="60" keywordseo="Pinterest">Pinterest</keyword> on Monday paid $22.5 million to end a <keyword id="6377259" type="UNKNOWN" weightage="60" keywordseo="Lawsuit">lawsuit</keyword> brought by Francoise Brougher, its former chief operating officer, who alleged <keyword id="6435289" type="UNKNOWN" weightage="60" keywordseo="gender-discrimination">gender discrimination</keyword>.</li><li>Brougher claimed she was paid less than male colleagues and that she was excluded from meetings.</li><li>Pinterest admitted no wrongdoing in the settlement. It and Brougher will jointly donate $2.5 million of the settlement to programs supporting women and underrepresented communities in <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword>.</li><li>Brougher and her attorneys will receive $20 million.</li><li>"I'm glad Pinterest took this very seriously," Brougher said in an interview with the Times. "I'm hoping it's a first step in creating a better work environment there."</li></ul><keyword id="6354632" type="UNKNOWN" weightage="60" keywordseo="social-media">Social media</keyword> platform Pinterest on Monday paid $22.5 million to settle a <keyword id="6358360" type="UNKNOWN" weightage="60" keywordseo="gender">gender</keyword> discrimination lawsuit brought by Francoise Brougher, its former chief operating officer.After two years in the COO role, Brougher suddenly left Pinterest in April, without explanation. Four months later, she <a href="https://www.businessinsider.com/pinterests-former-coo-has-filed-a-gender-discrimination-suit-2020-8">filed a lawsuit against the company</a> in a San Francisco court, claiming she "was treated unfairly because of my gender."Brougher said in the <a href="https://rezlaw.com/wp-content/uploads/2020/08/2020-08-11-Complaint.pdf">lawsuit</a> that she was paid less than her male peers, that the company excluded her from meetings, and that she wasn't invited to attend the corporate road show in the runup to Pinterest's IPO in 2019.The photo-sharing site and Brougher said Monday they planned to jointly donate $2.5 million of the settlement to organizations that support women and underrepresented minorities in tech, with a focus on education, funding and advocacy, per <a href="https://www.nytimes.com/2020/12/14/technology/pinterest-gender-discrimination-lawsuit.html?smtyp=cur&amp;smid=tw-nytimesimes">The New York Times</a>. The donations are expected to be made by the end of 2020.Brougher and her attorneys will receive $20 million.In the suit, Brougher, 55, claimed she was <a href="https://www.businessinsider.com/pinterests-former-coo-has-filed-a-gender-discrimination-suit-2020-8">fired following a heated exchange</a> with Pinterest's chief financial officer, Todd Morgenfeld, about her treatment at the company.The lawsuit said Morgenfeld made disparaging comments about her in front of colleagues and gave her feedback that she considered sexist, saying she wasn't "collaborative enough."After she complained about Morgenfeld's comments to the head of human resources, and to CEO Ben Silbermann, Brougher said Silbermann fired her over a video call.A Pinterest spokesperson confirmed to Business Insider that the company is investing $2.5 million in programs to advance women and underrepresented communities in tech.The company admitted no wrongdoing in the settlement."Francoise welcomes the meaningful steps Pinterest has taken to improve its workplace environment and is encouraged that Pinterest is committed to building a culture that allows all employees to feel included and supported," Pinterest said in a joint statement with Brougher."I'm glad Pinterest took this very seriously," Brougher said in an interview with the Times. "I'm hoping it's a first step in creating a better work environment there."Brougher is one of the most prominent female tech executives to file a gender discrimination lawsuit against a former company.<h3>Pinterest's feuds in 2020</h3>This isn't the first time Pinterest has been criticized for alleged discrimination in the workplace.Pinterest <a href="https://www.businessinsider.com/pinterest-lawsuit-shareholders-allege-racial-sex-discrimination-toxic-culture-2020-12">shareholders sued the company</a>, its top executives, and board of directors on December 2 over allegations of discrimination against women and employees of color.The lawsuit claimed top executives failed to address claims of workplace bias by doing nothing to monitor unequal pay."Pinterest's leadership and Board take their fiduciary duties seriously and are committed to continuing our efforts to help ensure that Pinterest is a place where all of our employees feel included and supported," a Pinterest spokesperson told Business Insider at the time. They said the company doesn't comment on pending litigation.In August, more than 200 Pinterest employees <a href="https://www.nytimes.com/2020/08/14/technology/pinterest-walkout-equality.html">staged a virtual walkout</a> and <a href="https://www.nytimes.com/2020/08/14/technology/pinterest-walkout-equality.html">450 signed an online petition</a> demanding pay transparency and equality, and increased diversity in senior levels of the company.Pinterest in August added <a href="https://www.businessinsider.com/pinterest-taps-first-black-board-member-after-alleged-discrimination-2020-8">its first two</a> <a href="https://newsroom.pinterest.com/en/post/pinterest-appoints-salaam-coleman-smith-to-board-of-directors">Black board members</a>, hired a <a href="https://newsroom.pinterest.com/en/post/tyi-mccray-joins-pinterest-as-global-head-of-inclusion-and-diversity">new head of diversity</a>, and commissioned an <a href="https://newsroom.pinterest.com/en/post/statement-by-the-board-of-directors">independent review</a> of its workplace culture.Read more: <a href="https://www.businessinsider.com/pinterest-abandoning-a-san-francisco-project-doesnt-start-a-trend-2020-9?r=kd-sub">Pinterest abandoned plans for a big new office project in San Francisco, but experts say staying in the city has several major advantages</a>In June, Ifeoma Ozoma and Aerica Shimizu Banks, two Black women, <a href="https://www.businessinsider.com/two-black-women-publicly-explain-why-they-resigned-from-pinterest-2020-6">publicly resigned</a> from Pinterest. They said they <a href="https://www.businessinsider.com/two-black-former-pinterest-employees-discuss-their-fight-for-pay-2020-6?r=ts-sub">faced retaliation and </a><a href="https://www.businessinsider.com/two-black-former-pinterest-employees-discuss-their-fight-for-pay-2020-6?r=ts-sub">humiliation</a><a href="https://www.businessinsider.com/two-black-former-pinterest-employees-discuss-their-fight-for-pay-2020-6?r=ts-sub"></a>, and were passed over for promotion.Pinterest told Business Insider: "We took these issues seriously and conducted a thorough investigation when they were raised, and we're confident both employees were treated fairly. We want each and every one of our employees at Pinterest to feel welcomed, valued, and respected."It added that "we're committed to advancing our work in inclusion and diversity by taking action at our company and on our platform. In areas where we, as a company, fall short, we must and will do better." The same month, Business Insider <a href="https://www.businessinsider.com/pinterest-employees-toxic-workplace-black-fired-ben-silbermann-2020-6">talked to 11 former employees</a> who said Pinterest was a toxic and difficult place to work. Some Black former employees who worked on Pinterest's ad-sales team said they were fired or "pushed out" of the company without any explanation.Other employees said they were yelled at by managers in front of colleagues, which made them feel humiliated and upset.The same week, CEO Silbermann acknowledged that some of Pinterest's "culture is broken" and said he was "embarrassed" that he didn't understand the "depth of the hardship and hurt" employees went through.

Pinterest has paid $22.5 million to settle a gender discrimination suit from former executive Francoise Brougher, who claimed she was fired after speaking up

<ul class="summary-list"><li><keyword id="939877" type="COMPANY" weightage="60" keywordseo="Pinterest">Pinterest</keyword> shareholders sued the company, top executives, and board of directors on Tuesday, accusing them of harming investors by creating and perpetuating a culture of racial and sex discrimination.</li><li>The lawsuit, filed Thursday by a Rhode Island pension fund, claimed Pinterest executives and board members "personally engaged in, facilitated or knowingly ignored" discrimination and retaliation against those who spoke out about the company's "white, male leadership clique."</li><li>Pinterest is already facing a <keyword id="6435289" type="UNKNOWN" weightage="60" keywordseo="gender-discrimination">gender discrimination</keyword> lawsuit and came in for intense criticism in recent months from <a href="https://www.businessinsider.com/two-black-women-publicly-explain-why-they-resigned-from-pinterest-2020-6?r=ts-sub">current and former employees</a>, starting in June when <a href="https://www.businessinsider.com/two-black-women-publicly-explain-why-they-resigned-from-pinterest-2020-6?r=ts-sub">two Black women quit</a> and publicly spoke out about negative experiences at the company.</li></ul>Pinterest shareholders have sued the company, as well as its top executives and board of directors, accusing them of harming investors by creating and perpetuating a culture of racial and sex discrimination."Pinterest's executives and board members personally engaged in, facilitated or knowingly ignored the discrimination and retaliation against those who spoke up and challenged the Company's White, male leadership clique," according to the complaint.The lawsuit was filed Thursday in a federal district court in California by the Employees' Retirement System of Rhode Island (ERSRI), which manages $8.5 billion in assets on behalf of around 60,000 current and retired state employees.Pinterest CEO Ben Silbermann, CFO Todd Morgenfeld, and chief design officer Evan Sharp are named as defendants in the lawsuit, as are board members Jeffrey Jordan, Jeremy Levine, Gokul Rajaram, Fredric Reynolds, Michelle Wilson, and Leslie Kilgore (Silbermann and Sharp serve on the board as well).The lawsuit alleges that Pinterest's executives and board members breached their fiduciary duty to investors by failing to address claims of illegal workplace bias even when presented with evidence.Silbermann "repeatedly placed himself before the Company, surrounding himself with yes-men and marginalizing women who dared to challenge Pinterest's White, male leadership clique," according to the complaint.The lawsuit claims that Wilson and Kilgore, both members of the board's compensation committee, did nothing to monitor for unequal pay, despite knowing at least since March 2019 about employees' claims of unequal pay. It claims they allowed "alleged perpetrators to investigate their own alleged misconduct and did nothing to ensure that the discriminatory practices ended."According to the complaint, chief design officer Sharp was told of multiple complaints from employees of color about Pinterest's legal and HR department, "but did nothing.""Pinterest's leadership and Board take their fiduciary duties seriously and are committed to continuing our efforts to help ensure that Pinterest is a place where all of our employees feel included and supported," a Pinterest spokesperson told Business Insider, adding that the company doesn't comment on pending litigation.Pinterest has faced intense backlash from current and former employees and <a href="https://colorofchange.org/press_release/color-of-change-pinterests-hypocrisy-is-glaring/">civil rights groups</a> in recent months over its treatment of women and people of color.In June, Ifeoma Ozoma and Aerica Shimizu Banks, two Black women, <a href="https://www.businessinsider.com/two-black-women-publicly-explain-why-they-resigned-from-pinterest-2020-6">publicly resigned from Pinterest</a>, saying they <a href="https://www.businessinsider.com/two-black-former-pinterest-employees-discuss-their-fight-for-pay-2020-6?r=ts-sub">faced humiliation and retaliation</a> and were passed over for promotion.As <a href="https://www.businessinsider.com/pinterest-employees-toxic-workplace-black-fired-ben-silbermann-2020-6?r=ts-sub">Business Insider's Taylor Nicole Rogers and Julie Bort</a> previously reported, former Pinterest employees described a traumatic workplace where managers humiliate employees until they cry, Black people feel alienated, and the toxic culture "eats away at your soul."Pinterest's former COO, Françoise Brougher, <a href="https://www.businessinsider.com/pinterests-former-coo-has-filed-a-gender-discrimination-suit-2020-8">filed a gender discrimination lawsuit</a> against the company in August.Brougher said in the suit that she was fired following a heated exchange with CFO Morgenfeld, after he allegedly made disparaging comments about her in front of peers and gave her feedback that she viewed as sexist, complaining she wasn't "collaborative enough."In August, more than 200 Pinterest employees <a href="https://www.nytimes.com/2020/08/14/technology/pinterest-walkout-equality.html">staged a virtual walkout</a> and <a href="https://www.nytimes.com/2020/08/14/technology/pinterest-walkout-equality.html">450 signed an online petition</a> demanding pay transparency and equality as well as increased diversity at the upper levels of the company. Other media outlets, including <a href="https://www.theverge.com/2020/9/11/21429619/pinterest-workplace-discrimination-finance-team-unequal-culture-bias">The Verge</a>, have reported additional accounts of racism and sexism at the company.Following public outcry and litigation, Pinterest took several steps to address the issues, including <a href="https://www.businessinsider.com/pinterest-taps-first-black-board-member-after-alleged-discrimination-2020-8">adding its first two</a> <a href="https://newsroom.pinterest.com/en/post/pinterest-appoints-salaam-coleman-smith-to-board-of-directors">Black board members</a>, hiring a <a href="https://newsroom.pinterest.com/en/post/tyi-mccray-joins-pinterest-as-global-head-of-inclusion-and-diversity">new head of diversity</a>, and commissioning an <a href="https://newsroom.pinterest.com/en/post/statement-by-the-board-of-directors">independent review</a> of its culture."We believe the actions we've initiated as well as the ongoing independent review regarding our culture, policies, and practices will help us achieve our goal of building a diverse, equitable and inclusive environment for everyone," the Pinterest spokesperson said.

Pinterest shareholders are suing the company over allegations of discrimination against women and employees of color

<ul class="summary-list"><li><keyword id="939877" type="COMPANY" weightage="60" keywordseo="Pinterest">Pinterest</keyword>'s high-profile former COO Françoise Brougher has filed a <keyword id="6435289" type="UNKNOWN" weightage="60" keywordseo="gender-discrimination">gender discrimination</keyword> lawsuit against the company, <a href="https://www.nytimes.com/2020/08/11/technology/pinterest-francoise-brougher-gender-discrimination-lawsuit.html">New York Times' Erin Griffith reports.</a></li><li>The lawsuit explains why Brougher left the company suddenly in April without explanation after two years in the No. 2 role.</li><li>The suit comes after the explosive exit of two Black Pinterest employees, Ifeoma Ozoma and Aerica Shimizu Banks, and Business Insider's full investigative report.</li></ul>Pinterest's high-profile former COO Françoise Brougher has filed <a href="https://rezlaw.com/wp-content/uploads/2020/08/2020-08-11-Complaint.pdf">a gender discrimination lawsuit</a> against the company.The lawsuit explains why Brougher left the company suddenly in April without explanation after two years in the No. 2 role.Brougher says in the suit that she was fired after she had a heated exchange with Pinterest's chief financial officer, Todd Morgenfeld, after he allegedly made disparaging comments about her in front of peers and gave her feedback that she viewed as sexist, complaining she wasn't "collaborative enough," the lawsuit claims. "I believed Pinterest would judge me based on my job performance. But instead I was treated unfairly because of my gender," Brougher said in a statement emailed to Business Insider.She also claims that she was left out of important meetings, not invited to go on the corporate road show in the runup to Pinterest's IPO in 2019, and that she discovered she was paid less than the male executives only after the company filed paperwork to go public. (Although she was the COO, Pinterest <a href="https://www.sec.gov/Archives/edgar/data/1506293/000119312519099828/d697629ds1a.htm">did not reveal her salary in its prospectus</a> documents.) And she said that, unlike her male peers, her stock options were backloaded, meaning most of them vested over the last two years of a four-year vesting schedule. She said that after she complained, the company adjusted her compensation. Brougher says she complained about Morgenfeld's comments to the head of human resources and to CEO Ben Silbermann, and Silbermann fired her over a video call. She says she was asked to announce her departure to the staff as a resignation and she refused.Prior to Pinterest, Brougher was well-known in the tech industry for her executives roles at Charles Schwab, Google and Square. "I'm speaking out because I want to be part of the hard work of dismantling systems of gender bias that punish women for the type of strong leadership rewarded in men and that impedes female leaders' ability to be successful," Brougher said in her statement.Pinterest did not immediately respond to Business Insider's request for comment but told the New York Times it was reviewing the lawsuit, a company spokesperson said. "Our employees are incredibly important to us," the spokesperson said.This lawsuit comes after the explosive exit of two Black Pinterest employees, Ifeoma Ozoma and Aerica Shimizu Banks, Pinterest's former managers of Public Policy &amp; Social Impact.After the two publicly quit in May, they discussed their <a href="https://www.businessinsider.com/two-black-former-pinterest-employees-discuss-their-fight-for-pay-2020-6">struggles with the company with Business Insider</a> from fighting for pay, to fielding internet threats.Business Insider <a href="https://www.businessinsider.com/pinterest-employees-toxic-workplace-black-fired-ben-silbermann-2020-6">talked to nearly a dozen former employees</a> who described being fired or "pushed out" of the company with no real explanation, managers that humiliated employees until they cried, and the particular alienation that Black people felt, the company. Since then, the <a href="https://www.businessinsider.com/the-inside-story-of-pinterest-toxic-workplace-2020-6">CEO of the company, Ben Silbermann</a>, has apologized and has promised to conduct a full investigation into its culture and policies.<ul class="read-more-links"><li>Now read:</li><li><a href="https://www.businessinsider.com/pinterest-employees-toxic-workplace-black-fired-ben-silbermann-2020-6">Former Pinterest employees describe a traumatic workplace where managers humiliate employees until they cry, Black people feel alienated, and the toxic culture 'eats away at your soul'</a></li><li><a href="https://www.businessinsider.com/the-inside-story-of-pinterest-toxic-workplace-2020-6">The inside story of Pinterest's toxic workplace that caused CEO Ben Silbermann to admit to employees, 'I'm embarrassed'</a></li><li><a href="https://www.businessinsider.com/two-black-former-pinterest-employees-discuss-their-fight-for-pay-2020-6">The two Black employees who took on Pinterest explain why they quit, their fight for pay, the death threats, the private investigator: 'It was a torturous experience'</a></li><li> </li></ul>

Pinterest's former COO Francoise Brougher has filed a gender discrimination suit against the company

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Brendan McDermidPinterest CEO Ben Silbermann.</div></div></div><ul><li><a href="https://markets.businessinsider.com/stocks/pins-stock">Pinterest </a>reported third-quarter results Thursday that missed Wall Street expectations for revenue. </li><li>Shares fell as much as 24% on the news, pushing the company's stock below its initial public offering price.</li><li>The company also reported a full-year 2019 outlook that failed to live up to Wall Street's expectations though it said that losses will shrink this year.</li><li><a href="https://markets.businessinsider.com/stocks/pins-stock">Watch Pinterest trade live on Markets Insider</a>. </li></ul><a href="https://markets.businessinsider.com/stocks/pins-stock">Pinterest</a> disappointed Thursday when its third-quarter earnings release showed revenue that missed analyst expectations. Shares of the social media pinning service fell as much as 24% in on Friday, bringing the stock below its initial public offering price.Here's what Pinterest reported, versus what analysts surveyed by Bloomberg expected: <ul><li style="font-weight: 400;">Revenue: $279.7 million reported versus $282.1 million (expected)</li><li style="font-weight: 400;">Earnings per share: 1 cent, excluding some items, reported, versus -4 cents (expected) </li></ul>The company also reported a full-year 2019 outlook that failed to live up to Wall Street's expectations. Pinterest said it expects yearly revenue to be between $1.1 billion and $1.115 billion, where analysts were expecting $1.12 billion. Pinterest said that losses will shrink this year, and the company now expects an adjusted yearly loss between $10 million and $30 million. That's less than the previous expected range of loss between $25 million and $50 million. The company showed promising growth in some areas during the quarter. Global monthly active users were up 28% from last year to 322 million, which is higher than the 310.9 million users analysts expected. That translated into strong sales, up 47% in the quarter, showing growth that beat out much larger rivals. Facebook reported ad sales up 28% in the last quarter, and Google's sales grew 17% in the same timeframe. "We saw double-digit user growth in nearly all international countries," Todd Morgenfeld, chief financial officer of Pinterest, said <a href="https://investor.pinterestinc.com/press-releases/press-releases-details/2019/Pinterest-Announces-Third-Quarter-2019-Results/default.aspx">in a press release</a>. "We are thrilled to serve Pinterest ads in 28 markets currently, compared to seven at the end of 2018."However, overseas growth generates less revenue than user growth in North America. The company added only 2 million new users in the US.Analysts are all positive or neutral on the company. Pinterest has 11 "buy" ratings, 11 "hold" ratings, and no "sell" ratings, according to Bloomberg data. The average price target on the stock is $28.12. Pinterest is <a href="https://markets.businessinsider.com/stocks/pins-stock">up 4% year to date</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/3rd-wave-tech-stocks-why-theyre-new-disruptors-mark-baribeau-2019-10">A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption</a></h3> <div> </div> </div>

Pinterest plunges below IPO price after whiffing on sales forecasts

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://www.flickr.com/photos/pinterest/8384130457/in/photolist-dLSRTp-bCRh4V-fuK5pr-aLoPCK-ebCCuz-bpRANJ-dunHeZ-94TxTk-bpSwrh-bmKbNQ-bDkR2M-btoCXJ-bqqWJJ-bDkRJn-bqqWVu-doRUJe-dx3NZi-bCKRNR-nYxKwU-6vUJ3k-6vYVDU-4AKuRk-dkC2FY-dkBZqJ-bAyM2N-dkBVaD-dkBVco-dXX4xe-g2rDVP-dkC1uJ-dkC1dJ-dkBYMF-dkC1jh-dkC1zw-dkBXPv-dkBYHc-dkBXSK-dkC1K1-dkC1N3-dkBZ3n-dkC2kU-dkC1p1-dkC26S-dkBZeH-dkBYWB-dkBYs6-dkBXXB-dkBYDF-dkC2AL-dkBLZz">Flickr/Victor Ng</a>Pinterest CEO Ben Silbermann.</div></div></div>Pinterest has named its first chief financial officer, a signal that the company could be inching closer to an IPO. Todd Morgenfeld is now the CFO at Pinterest, according to a report from <a href="http://www.wsj.com/articles/pinterest-names-twitter-executive-todd-morgenfeld-as-first-cfo-1475608094" target="_blank">the Wall Street Journal</a>. Morgenfeld is joining the company from Twitter, where he currently serves as the vice president of finance, a role he's held for <a href="https://www.linkedin.com/in/todd-morgenfeld-589728" target="_blank">about a year and a half</a>. Pinterest began as a something of a virtual mood board in 2010, but aims to become more of a search engine and perhaps a portal to ecommerce. The company is valued around $11 billion, according to Pitchbook, and reportedly <a href="http://www.businessinsider.com/pinterest-worth-11-billion-valuation-revenue-grow-5x-2015">generated more than $100 million in 2015</a>, as much as five times the increase from the year before. Rumors of an IPO have been swirling for months, and the fact that the company now has a CFO is a sign that it could happen in the near future. Pinterest CEO Ben Silbermann <a href="http://www.wsj.com/articles/pinterest-names-twitter-executive-todd-morgenfeld-as-first-cfo-1475608094" target="_blank">denied this to the Journal</a>, saying that the hiring "reflects that we're scaling the business up." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/hidden-facebook-tricks-2016-9">Hidden Facebook tricks you need to know</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZqMGlkMDE6kTToJhnpQU_qxqcD8vfEyM" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Pinterest just named its first CFO, in the biggest hint yet that an IPO might be nearing

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Gary Johnson</div></div></div><ul><li>Pinterest has hired Facebook's corporate development director, Gary Johnson, to lead its efforts around acquisitions and partnerships.</li><li>Johnson worked on some of Facebook's biggest deals, including its WhatsApp acquisition.</li></ul> Gary Johnson, one of Facebook's top dealmakers, is joining Pinterest to head up all corporate development.He'll report to Pinterest CFO Todd Morgenfeld and lead partnerships and acquisitions spanning all parts of Pinterest's business. He previously served as Facebook's director of corporate development for five years and worked on the social network's biggest buys, including its blockbuster $19 billion acquisition of WhatsApp."Unlike any other product in the market, Pinterest provides a world in which hundreds of millions of people can discover and do the things they love, from the everyday to the aspirational," Johnson said in a statement shared with Business Insider. "Pinterest unlocks people's hidden superpowers. I'm excited to join this world-class team in building a product that brings value across audiences, from Pinners to partners and brands and content creators, and help in continuing to grow the company."Adding Johnson to its upper ranks is a strong sign that Pinterest intends to ramp up its dealmaking. The visual discovery platform has acquired over a dozen startups to date, including <a href="http://www.businessinsider.com/pinterest-buys-twitter-cofounder-biz-stone-jelly-2017-3">the human-powered search engine called Jelly</a> and the bookmarking service Instapaper. Before joining Facebook, Johnson was a VP at Credit Suisse and served in various management roles at Apple.Johnson is joining Pinterest just as its president and top business executive, Tim Kendall, <a href="http://www.businessinsider.com/pinterest-president-tim-kendall-leaves-to-launch-his-own-startup-2017-11">is leaving</a> to create a startup with the goal of curbing tech device addiction. Pinterest <a href="http://www.businessinsider.com/pinterest-raises-150-million-at-a-12-billion-valuation-2017-6">raised $150 million</a> in funding at a roughly $12 billion valuation earlier this year and reportedly expects to make $500 million in ad revenue for 2017. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/mississippi-roast-recipe-2016-2">A recipe called 'Mississippi Roast' came out of nowhere and got shared on Pinterest 1 million times</a></h3> <div> </div> </div>

One of Facebook's top dealmakers is joining Pinterest to scoop up more companies

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Beck Diefenbach</div></div></div>Good morning. Here's everything you need to know in the world of <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> today.1. <a href="http://www.businessinsider.com/new-google-hardware-products-announced-2016-10" target="_blank">Here's everything Google announced on Tuesday.</a> The top news from the tech giant's largest ever hardware launch.2. <a href="http://www.businessinsider.com/google-rick-osterloh-makes-public-debut-2016-10" target="_blank">"We're in it for the long run": Google's new hardware boss insists the company won't give up this time.</a> Why Google's big hardware effort is not just a passing fancy.3. <a href="http://www.businessinsider.com/google-daydream-virtual-reality-android-2016-10/#the-fantastic-beasts-and-where-to-find-them-vr-experience-turns-the-pixels-remote-into-a-magic-wand-1" target="_blank">Here are all the apps and games you'll be able to use with Google's new Daydream View headset.</a> What you will be able to view on Google's new virtual reality headset, which launches in November.4. <a href="http://www.businessinsider.com/google-vs-apple-in-hardware-no-contest-2016-10" target="_blank">Google still isn't a hardware company, and it's not even playing on the same field as Apple.</a> Business Insider executive editor Matt Rosoff's take on Google's splashy press event in San Francisco on Tuesday.5. <a href="http://www.businessinsider.com/salesforce-ceo-marc-benioff-twitter-unpolished-jewel-2016-10" target="_blank">Salesforce CEO Marc Benioff apparently thinks Twitter is an "unpolished jewel" that he might want to buy.</a> Anonymous sources tell The Wall Street Journal about Benioff's interest in buying Twitter.6. <a href="http://www.businessinsider.com/pinterest-todd-morgenfeld-cfo-2016-10" target="_blank">Pinterest just named its first CFO, in the biggest hint yet that an IPO might be nearing.</a> Company hires Todd Morgenfeld from Twitter, where he serves as the vice president of finance.7. <a href="http://www.businessinsider.com/marissa-mayer-secret-yahoo-security-2016-10" target="_blank">A former insider says Marissa Mayer kept secrets from Yahoo's security team more than once.</a> Business Insider source raises more questions about business practices at the troubled internet company.8. <a href="http://uk.businessinsider.com/vice-significant-uk-marketing-push-viceland-2016-10" target="_blank">Vice is planning a UK marketing blitz for its new TV channel to lift its audience from zero.</a> A Vice source told Business Insider that 30-second spot adverts for Viceland will roll out from Friday.9. <a href="http://www.adweek.com/news/technology/how-new-mac-candle-went-silly-idea-labor-love-sold-out-day-1-173893" target="_blank">How the "new Mac" candle went from a silly idea to a labor of love that sold out.</a> Andrew Green tells Ad Week about creating that new Mac smell with hints of mint and basil.10. <a href="http://www.campaignlive.co.uk/article/mimi-turner-departs-lad-bible-marketing-director/1410981" target="_blank">Mimi Turner has departed as Lad Bible marketing director.</a> The former journalist leaves the website after less than two years, reports Campaign. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/nasa-slow-motion-sls-booster-rocket-engine-plug-2016-9">NASA tested a rocket engine -&#xa0;and did something unusual in the process</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JoYmF4NTE6LJZKM42v6YWKAmlKSUsH4m" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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Pinterest stock soars 23% as the social media platform garners 442 million global monthly active users

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Pinterest is booming as online shopping surges and Americans seek a soothing escape from reality

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Pinterest has paid $22.5 million to settle a gender discrimination suit from former executive Francoise Brougher, who claimed she was fired after speaking up

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Pinterest shareholders are suing the company over allegations of discrimination against women and employees of color

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Pinterest's former COO Francoise Brougher has filed a gender discrimination suit against the company

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Pinterest plunges below IPO price after whiffing on sales forecasts

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Pinterest just named its first CFO, in the biggest hint yet that an IPO might be nearing

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One of Facebook's top dealmakers is joining Pinterest to scoop up more companies

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