: Pinterest reportedly lays off about 150 workers

by | Feb 1, 2023 | Stock Market

Pinterest Inc. reportedly laid off about 150 workers Wednesday, becoming the latest tech company to cut jobs amid economic worries. Bloomberg News reported the cuts affect less than 5% of Pinterest’s workforce, and came across multiple teams.

“We’re making organizational changes to further set us up to deliver against our company priorities and our long-term strategy,” a Pinterest spokesperson said in an emailed statement to MarketWatch. “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.” In December, Pinterest laid off some of its recruiting team, and planned to slow its pace of hiring amid concerns of a slowing digital-ad market. Pinterest also added an executive from activist investor Elliott Management Corp. to its board of directors in December, as part of a long-term agreement to improve the company’s growth. More than 82,000 tech workers have lost their jobs so far in 2023, according to data compiled by Layoffs.fyi, at companies ranging from Alphabet Inc.

and Microsoft Corp.
C to software company Splunk Inc.
and EV maker Rivian Automotive Inc.
which both announced layoffs Wednesday. Pinterest shares
have gained 10% year to date, but are down 2.3% over the past 12 months, compared to the S&P 500’s
7.3% gain in 2023 and 10% decline over the past year.

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