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interest The company said on Tuesday it plans to lay off less than 15% of its workforce and reduce office space as it embraces a new strategy. AI.
exist Securities filingPinterest said it expects the layoffs to be completed by the end of the third quarter in late September.
The social media company said it is “reallocating resources” to teams focused on artificial intelligence and prioritizing “AI-driven products and features.” The company said it is also reshaping its sales and marketing strategy.
Pinterest had more than 4,500 employees worldwide as of April last year, according to its latest data Agency filing.
Pinterest said it expects pre-tax restructuring charges of approximately $35 million to $45 million.
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