Pinterest has diminished less than 5% of the employees in total. This company will grant the impacted team separation packages, benefits, and other compensation.
Heaptalk, Jakarta — A new massive termination wave around technology companies is still occurring globally. Joining the layoff wave, the image-sharing and social media service company based in the United States has laid off about 150 employees, effective on Wednesday (02/01).
This multinational company based in San Fransisco was forced to reduce the number of its team, aiming to manage its expenses to be more efficient amidst the turbulent time in the technology industry. This layoff move has affected less than 5% of the team. As it is known, Pinterest comprises a total workforce of about 4,000 people as of the third quarter of 2022.
Cited by Bloomberg, the company representative confirmed this layoff decision, “We are making the organizational transformation to getting further us ready to fulfill the business priority and the long-term strategy of the company,”
Further, Pinterest’s management also affirmed that employees are the core of how the company serves users worldwide. The company’s representative recognized the impacted employees have contributed to the business continuity of Pinterest. For this reason, the company emphasized supporting them through worthy compensation, including separation packages, benefits, and other services, during the transition period.
The job-cutting of Pinterest occurs before the company closes the fourth quarter earnings in 2022, which is planned to be unveiled on February 6th, 2023. In December, this company also conducted the first round of workforce termination towards its recruiting team and arranged to slow its pace of hiring amid concerns of a slowing digital-ad market.
Prior to executing this complicated move, Pinterest appointed a new executive from activist investor Elliot Management Corp to the board of directors in December last year as part of a long-term agreement to boost the company’s enhancement. In addition, the company’s share prices have uplifted by 16% year-to-date. Nevertheless, the stock price of this platform experienced a decrease of up to 2.3% in the last 12 months.
