Pinterest is cutting its workforce by about 15 percent to focus on artificial intelligence

Pinterest plans to lay off hundreds of workers and reduce its office space to reallocate resources to its AI initiatives. In a The regulatory filing was published on TuesdayPinterest says the cuts are expected to affect “less than 15 percent” of its current workforce, and that the layoffs should be completed by September 30, 2026.

Pinterest said it has 4,666 full-time employees As of the end of 2024Which means about 700 employees will be affected by today’s announcement. The document said these changes are intended to support three “transformation initiatives,” two of which are related to artificial intelligence:

On the back of these changes, Pinterest is set to incur a pre-tax restructuring charge of approximately $35 million to $45 million.

“We are making organizational changes to continue executing our AI strategy, which includes hiring skilled AI talent,” Pinterest spokeswoman Tessa Chen said in a statement. Edge. “As a result, we have made the difficult decision to bid farewell to some of our team members. We are grateful for their service and support with separation packages and benefits.”

January 27 update: Statement added from Pinterest.