Pinterest is planning to lay off hundreds of employees and reduce its office space to reallocate resources to its artificial intelligence initiatives. one in Regulatory filing posted TuesdayPinterest says the cuts are expected to affect “less than 15 percent” of its current workforce, and the layoffs should be completed by September 30, 2026.
Pinterest said it has 4,666 full-time employees By the end of 2024Which will mean that approximately 700 employees will be affected by today’s announcement. The document states that these changes are to support three “transformation initiatives”, two of which are related to AI:
On the back of these changes, Pinterest is expected to incur pre-tax restructuring charges of approximately $35 million to $45 million.
“We are making organizational changes to advance our AI-forward strategy, including hiring AI-skilled talent,” Pinterest spokesperson Tessa Chen said in a statement. The Verge. “As a result, we have made the difficult decision to say goodbye to some of our team members. We are grateful for their service and are supporting them with a severance package and benefits.”
Update, January 27: Statement added from Pinterest.
