(Bloomberg) — Pinterest Inc . is laying off about 150 employees, the latest technology company to cut costs in a turbulent time for an industry that expanded rapidly over the past few years.
The digital-search company that lets users create online pinboards informed affected employees Wednesday. The move affected less than 5% of Pinterest’s total workers, according to a person familiar with the company, who asked not to be identified because the details haven’t been announced. Pinterest had about 4,000 employees as of the end of the third quarter. The job cuts came from teams across the San Francisco-based company, although not all were affected to the same degree, the person said.
A spokeswoman for Pinterest confirmed there were cuts.
“We’re making organizational changes to further set us up to deliver against our company priorities and our long-term strategy,” the representative said in a statement. “Our employees are the heart of how we’re able to serve our Pinners around the world. All of the employees who were impacted contributed to Pinterest and as they transition, we’re committed to supporting them with separation packages, benefits and other services.”
Pinterest joins a range of tech companies that have pared their ranks in recent months. Amazon.com Inc., Microsoft Corp., Meta Platforms Inc. and Google parent Alphabet Inc. have all announced job cuts in the thousands.
Pinterest was recently the target of activist investors from Elliott Management, and one of the firm’s managers was added to the company’s board.
–With assistance from Lucy Papachristou.
©2023 Bloomberg LP