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The latest technology company to cut costs is Pinterest Inc., which is cutting 150 jobs. This comes at a difficult time for an industry that has grown quickly in recent years.
On Wednesday, the affected employees were informed by the digital search company that allows users to create online pinboards. According to a person who is familiar with Pinterest but requested anonymity because the specifics have not been made public, the change only had an impact on less than 5% of the company's total employees. At the end of the third quarter, Pinterest had approximately 4,000 employees. The person claimed that not all of the San Francisco-based company's teams were affected equally by the job cuts.
Pinterest's spokesperson confirmed that there were cuts.
In a statement, the representative stated, "We're making organizational changes to further set us up to deliver against our company priorities and our long-term strategy." The core of our ability to serve our Pinners worldwide is our workforce. We are committed to providing them with separation packages, benefits, and other services as they transition, and all of the affected employees contributed to Pinterest.
Pinterest is one of a number of tech companies that have reduced their workforce over the past few months. Thousands of jobs have been eliminated by Google parent Alphabet Inc., Meta Platforms Inc., Amazon.com Inc., and Microsoft Corp.
Elliott Management's activist investors recently targeted Pinterest, and one of the company's managers was added to the board.
