Pinterest Just Made a Game-Changing Move, But No One's Noticed
Many investors call Pinterest (NYSE: PINS) a social media platform. But this isn't how the company describes itself. Go to the help center of Pinterest's website and click "What is Pinterest." Once there, you'll see that it says, "Pinterest is a visual discovery engine."
Pinterest's users find what they're looking for by simply browsing images on the platform. And while scrolling, they're exposed to ads and Pinterest generates revenue. However, in the company's latest press release, it didn't call itself a visual discovery engine. Here's what it's calling itself now.
Before we get to what it's calling itself, here's some context: On June 2, Pinterest announced that it's acquiring a shopping platform called The Yes for an undisclosed amount. This platform was co-founded in 2018 by former Stitch Fix chief operating officer Julie Bornstein. The idea is that users take a quiz to get apparel suggestions, and the platform continues learning about your style with your purchase history over time.
Source Fool.com
