According to Bloomberg News on Wednesday, Pinterest Inc (PINS.N) is terminating approximately 150 employees, which is less than 5% of its total workforce, joining a wave of tech firms that are dismissing workers to reduce expenses.
According to the report, the digital search firm that enables users to create virtual pinboards informed the affected employees on Wednesday, as per a source familiar with the company.
The layoffs affected teams across the San Francisco-based company, though not all teams faced equal impact.
“We are implementing organizational changes to better position us to achieve our company goals and long-term strategy,” a spokesperson for the company confirmed the job cuts while speaking to Reuters. However, they declined to specify the exact number of layoffs.
On the other hand, the spokesperson further added that Pinterest will provide all affected employees with separation packages, benefits, and other support during the transition period.