Pinterest lays off 150 people as a part of its ‘long-term strategy’

Pinterest has made a second job-cutting move within weeks of the first round of layoffs in December. The company has let go of almost 150 employees (representing less than 5% of its workforce), according to a report from Bloomberg.

In a statement to TechCrunch, Pinterest confirmed the job axing but didn’t share how many people were laid off and which departments were impacted. The company also didn’t provide any information about what kind of severance terms it is offering to departed employees.

“We’re making organizational changes to further set us up to deliver against our company priorities and our long-term strategy,” a company spokesperson said in a statement. “ 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.”

Job cuts have bled into 2023 with tens of thousands of roles eliminated by Amazon, Microsoft, Google and Spotify among other companies last month alone.

Earlier this week, Groupon also cut 500 employees in was also its second round of layoffs.

Pinterest’s layoff comes just before its Q4 2022 earnings, which is going to be announced on February 6. The company has had a 16% jump in its stock prices year-to-date but a 2.3% dip in the last 12 months.

In November, Pinterest shut down its ‘Creator Rewards’ program to better focus on other creator-focused projects. The same month, it made its collage-making app Shuffles available to everyone.

Pinterest lays off 150 people as a part of its ‘long-term strategy’ by Ivan Mehta originally published on TechCrunch