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Pinterest said Tuesday it plans to lay off less than 15% of its workforce and cut back on office space as the company embraces artificial intelligence.
In a securities filing, Pinterest said it expects the cuts will be complete by the end of its third quarter in late September. Shares of Pinterest slipped about 3% premarket.
The social media company said it’s “reallocating resources” to AI-focused teams and prioritizing “AI-powered products and capabilities.” It’s also reshaping its sales and marketing strategy, the company said.
Pinterest had more than 4,500 employees globally as of last April, according to its most recent proxy filing.
Pinterest said it expects to record pre-tax restructuring charges of about $35 million to $45 million.
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