On Wednesday, Pinterest reportedly laid off about 150 workers, becoming the latest tech company amid economic worries.
The cuts affected less than 5% of the company’s workforce and were spread across multiple teams.
“We’re making organizational changes to further set us up for success,” a Pinterest spokesman said in an emailed statement. “We feel that this step, combined with others we’ve already made (and will make), puts us on the right path.” “Our employees are the heart of how we’re able to serve our Pinners around the world,” said a spokesperson for Pinterest. “All those who were impacted contributed to what makes us special, and as they transition, we’re committed—with separation packages & benefits—to supporting them through this hard time.”
Pinterest slowed its hiring plans and laid off some employees in December 2018 amid concerns that the digital ad market was slowing. In December, Pinterest added an executive from activist investor Elliott Management Corp. to its board of directors as part of a long-term agreement to improve the company’s growth—but this has not stopped Wall Street investors from betting against the business.
According to data compiled by Layoffs.fyi, 82,000 tech workers have lost their jobs so far in 2023—at companies ranging from Alphabet Inc . GOOGL, +1.61% GOOG, +1.56% and Microsoft Corp MSFT 1Msft-5 ($10) to software company Splunk INC SPLK 4 21/21üè12 (“9′ üe2 3 ‘-‘ Both RIVN and +1.60%, which announced layoffs on Wednesday, were higher in afternoon trading.
Pinterest shares are down 2.3% over the past 12 months compared to its competitors like Facebook (+12%), Twitter (+7%), and LinkedIn (unchanged).
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