"Pinterest said on Tuesday that it plans to lay off less than 15% of its workforce to cut back on office space and reallocate resources for its AI initiatives. In a regulatory filing, the company noted it expects to complete the layoffs by late September. The filing stated that Pinterest would be "reallocating resources to AI-focused roles and teams that drive AI adoption and execution" and "prioritizing AI‑powered products and capabilities.""
"The company had 4,666 full-time employees at the end of 2024, which means roughly 700 workers will be affected by cuts. The move comes as Pinterest, and every other tech company, has been investing in AI. A few months ago, the company launched "Pinterest Assistant," an AI companion users can talk to for shopping advice and recommendations. It also began experimenting with AI-powered personalized boards."
Pinterest plans layoffs affecting less than 15% of its workforce to reduce office space and reallocate staff toward AI initiatives. The company expects to complete the cuts by late September and estimates about 700 employees will be affected, given 4,666 full-time staff at the end of 2024. The regulatory filing states resources will be reallocated to AI-focused roles and teams and that AI-powered products and capabilities are being prioritized. Pinterest recently launched Pinterest Assistant and began experimenting with AI-personalized boards. The company expects pre-tax restructuring charges of roughly $35 million to $45 million. CEO Bill Ready highlighted open-source AI models to lower costs.
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