Pinterest, an image-sharing and social networking website has reportedly laid off 150 employees, which is less than 5% of its staff, following the current wave of layoffs at IT firms.
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According to a report from Bloomberg, Pinterest employed around 4,000 workers at the end of the third quarter of 2022. The employees got layoff from many departments within the corporation, but not all were affected equally.
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A company representative, confirming layoffs, said “We're undertaking organisational adjustments to better position ourselves to deliver on our corporate goals and long-term plan”. However, the official refused to reveal the number of job layoffs.
Officials further added, “Our workers are at the core of how we can assist our Pinners all around the world”. “All of the workers who were impacted contributed to Pinterest, and we're dedicated to assisting them with separation packages, benefits, and other services as they transition".
The San Francisco-based startup, Pinterest, launched in 2009 by Ben Silbermann, Paul Sciarra, and Evan Sharp, has over 400 million monthly active users and is used for sharing and finding visual material such as designs and graphics.
Pinterest is the latest in a long line of IT firms to lay off employees. The layoff tsunami has affected not only startups and mid-sized businesses, but also large technology corporations such as Amazon, Microsoft, and Alphabet, the parent company of Google.
Q: Why are companies laying off workers in 2023?The primary reasons for layoffs in IT firms or any company include cost-cutting, labour reduction, relocation, buyouts, and mergers.
Q: Is Pinterest planning a layoff?
According to Bloomberg News, Pinterest Inc. is cutting off roughly 150 people, or less than 5% of its overall workforce.