Pinterest said Tuesday it plans to lay off less than 15% of its workforce to cut office space and reallocate resources to its AI initiatives. one in regulatory filingThe company said it expected to complete the layoffs by the end of September.
The filing said Pinterest will “reallocate resources to AI-focused roles and teams that drive AI adoption and execution” and “will prioritize AI-powered products and capabilities.”
The company had 4,666 full-time employees at the end of 2024, which means about 700 employees will be affected by the cuts.
The move comes as Pinterest and every other tech company is investing in AI. A few months ago, the company “Pinterest Assistant” launched An AI assistant the user can talk to for shopping advice and recommendations. it has also started Experiment with AI-powered personalization Board.
During Pinterest’s last earnings call, Pinterest CEO Bill Ready The company emphasized the promise of open-source AI models to help keep costs down.
The company said it expects to record pre-tax restructuring charges of approximately $35 million to $45 million.
