Pinterest expects to make at least $500 million in revenue this year, but doesn't have 'current plans' for an IPO

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Pinterest founder and CEO Ben Silbermann.

Pinterest expects to make at least $500 million in ad revenue this year, according to Recode's Kurt Wagner.

That number would be a 67% increase from the $300 million in revenue Pinterest reported for 2016. And it would place Pinterest's business growth just behind Snapchat maker Snap Inc., which reported $404 million in revenue in 2016 and is expected by eMarketer to make $770 million in 2017.

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Where Pinterest apparently doesn't plan to follow in Snap's footsteps is its plans for an initial public offering. A spokesperson told Business Insider on Tuesday that Pinterest doesn't have any "current plans" for an IPO and is "focused on growing the business."

"We're very happy with our revenue trajectory but aren't sharing specifics about our revenue projections at this time," the spokesperson said. "With regard to an IPO, we don't have any current plans for an IPO right now because we're focused on growing the business."

Seven-year-old Pinterest's only ad product is its promoted pins, which companies can buy to show their ads to Pinterest's 150 million monthly users. Pinterest has also made recent strides in visual search with its new Lens feature that uses a phone's camera to recognize physical objects and search for similar items.