About 150 workers of Pinterest Inc. will be let go as part of the company’s cost-cutting efforts. This comes at a difficult moment for an industry that has grown quickly over the previous several years.
The organization that provides users with the ability to create online pinboards alerted affected staff on Wednesday. According to a person familiar with the business who wanted to remain anonymous because the specifics haven’t been made public, the change only affected fewer than 5% of Pinterest’s whole workforce. At the conclusion of the third quarter, Pinterest employed around 4,000 people. Although not all teams within the San Francisco-based corporation were equally impacted, employment layoffs did come from those teams, the source claimed.
The spokesman issued a statement that said, “We’re undertaking organizational adjustments to further position us up to perform against our corporate goals and our long-term vision.” “Our ability to assist our Pinners all across the world is made possible by our personnel. All of the impacted workers contributed to Pinterest, and we’re dedicated to helping them transition by providing severance compensation, benefits, and other services.
A number of Internet businesses, including Pinterest, have recently reduced their workforces. There have been thousands of job losses reported by Alphabet Inc., the parent company of Google, Amazon.com Inc., Microsoft Corp., Meta Platforms Inc., and Amazon.com Inc.
Recent activist investing in Pinterest by Elliott Management investors led to the addition of one of the firm’s managers to the board of directors.