Pinterest has hired its first chief financial officer, Todd Morgenfeld, who was most recently vice president of finance at Twitter, the company said today. He was at Twitter for about a year and a half before joining Pinterest.
Generally, these kinds of hires can signal a few things. One is that, more simply, the company is getting more ambitious about getting its finances in order (the company has around 40 people on its finance staff, according to a story in the Wall Street Journal) for more general reasons. But sometimes the tea leaves reveal greater ambitions: getting things in order for a potential initial public offering.
A representative from Pinterest said the company has “no plans for an IPO right now, as we focus on growing the business.”
Pinterest has been aggressively expanding its advertising and commerce tools as it looks to begin generating a healthy amount of revenue. In 2015, leaked documents showed Pinterest was forecasting around $169 million in revenue, as well as a forecast of $2.8 billion in annual revenue in 2018. The company was most recently valued at $11 billion in a financing round.
Still, things might be a little challenging for Morgenfeld. The Wall Street Journal is also reporting that Pinterest generated roughly $100 million in revenue, which would fall below the forecast laid out in the previously leaked documents. The company has released a large number of advertising tools as it looks to offer marketers an alternative option than Facebook and Google, banking on giving marketers access to multiple parts of the purchasing cycle.
The social media site has raised over $1.3 billion in capital from notable investors including SV Angel, Rakuten and Bessemer Venture Partners.