Photo-sharing platform Pinterest has laid off about 150 employees amid the ongoing massive job cuts by tech world giants.
Bloomberg reported that the 150 affected employees amount to five per cent of the American image sharing and social media service platform.
This is the second staff lay off made by the company in two months following the initial job cuts made in December 2022.
“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.” The company said in a statement made available to TechCrunch.
In the statement, Pinterest disclosed the company is letting some staff go but didn’t share the number that would be leaving and the departments that would be affected. were laid off and which departments were impacted. There was also no information on whether the laid off staff would be getting severance packages.
This layoff comes before the company could disclose its Q4 2022 earnings. The company had a 16% increase in its stock prices till date but had a 2.3% dip in the last one year.
A lot of changes have been happening in Pinterest as the company struggles to survive the economic downturn shaking the world.
In November, Pinterest shut down its ‘Creator Rewards’ program to focus on other creator-focused projects, and collage-making app Shuffles available to everyone.
The economic downturn is affecting the tech sector as thousands of staff left Amazon, Microsoft, Google and Spotify, Luno, Philip this year alone.