Pinterest said on Tuesday it would reduce its workforce by less than 15% and shrink office space, as the social media company reallocates resources to artificial intelligence initiatives.
The announcement comes as the company competes with TikTok and Meta-owned Facebook and Instagram for digital advertising budgets, as these platforms continue to draw marketers with their extensive user base.
Pinterest said it expects pre-tax restructuring charges of about $35 million to $45 million.
Shares of the company were down 3.5% in premarket trading. They had fallen nearly 11% last year.
The announcement comes as the company competes with TikTok and Meta-owned Facebook and Instagram for digital advertising budgets, as these platforms continue to draw marketers with their extensive user base.
Pinterest said it expects pre-tax restructuring charges of about $35 million to $45 million.
Shares of the company were down 3.5% in premarket trading. They had fallen nearly 11% last year.
