Shares of Pinterest Inc (NYSE: PINS) are in focus after CEO Ben Silbermann who also co-founded the social media service in 2010 announced resignation.
Former Pinterest head reacts to the news
The $13 billion company named Bill Ready its new CEO. He has most recently served at Google. Commending on the news, Kamran Ansari – former Head of Development and Strategy at Pinterest said:
Bill Ready is a terrific operator, has a nose for deals. I think he’ll try to drive the commerce part of the business, try to take it away from just search and discovery to execute the shopping vision of what the Pinterest platform could really be.
Earlier this month, Pinterest bought “The Yes” to expand its footprint in online shopping. The stock is down more than 45% for the year.
Ansari: ‘Pinterest is pretty high margin’
In April, the California-based company reported its financial results for the first quarter that topped Wall Street estimates. On CNBC’s “TechCheck”, Ansari said he expects the financial outperformance to continue.
They are still growing revenue quite a bit. I think the company is quite profitable; about $77 million of adjusted EBIT in the last quarter and I expect to see that continue because Pinterest is pretty high margin.
He’s convinced that Pinterest is very different from other social media companies like Twitter, Facebook, and Snap. Wall Street, on average, sees a more than 25% upside in the stock from here.
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