Pinterest is planning to lay off 15 per cent of its global workforce and cut back on its office space to allow a greater focus on artificial intelligence.
In a securities filing, Pinterest said the cuts will be complete by the end of its third quarter in late September.
This change, Pinterest said in the filing would support its “transformation initiatives” and allow it to reallocate resources to AI-focused roles and teams that drive AI adoption and execution.
The restructuring would also allow it to prioritise AI‑powered products and capabilities, and accelerate the transformation of its sales and go-to-market approach.
Although Pinterest is reducing its overall staffing levels with these actions in the near term, it said it plans to reinvest in key development areas and strategic opportunities.
A Pinterest spokesperson told B&T: “We are making organizational changes to further deliver on our AI-forward strategy, which includes hiring AI-proficient talent. As a result, we’ve made the difficult decision to say goodbye to some of our team members. We are grateful for their service and supporting them with separation packages and benefits.”
The changes are global and not specific to Australia. In its most recent proxy filing Pinterest said it had more than 4,500 employees globally.
In October, Pinterest released a new AI-powered Assistant tool that would allow users to get proactive recommendations that fit their style, leveraging the diverse content and actions from nearly 600 million monthly active users on Pinterest.
