Pinterest lays off about 150 employees amid cost-cutting measures

Photo-sharing social media platform Pinterest is reportedly laying off about 150 employees amid cost-cutting measures.

The move affected less than 5 per cent of Pinterest's total workers, reports Bloomberg, citing sources.

"We're making organisational changes to further set us up to deliver against our company priorities and our long-term strategy," a Pinterest spokeswoman, was quoted as saying.

"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," she added.

The photo-sharing social media company had about 4,000 employees as of the end of the third quarter, said the report.

Moreover, the report mentioned that the job cuts came from teams across the US-based company, though not all were affected to the same degree.

With this, Pinterest joins other tech companies such as Amazon, Microsoft, Meta and Google parent Alphabet that have cut thousands of jobs.

Meanwhile, Digital payments company PayPal also announced that it is laying off 2,000 full-time employees, or about 7 per cent of its global workforce, to address the "challenging macroeconomic environment."

PayPal President and CEO Dan Schulman said that these job reductions will occur over the coming weeks, with some organisations impacted more than others.

--IANS

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