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Shares of Pinterest (PINS) dropped 9.5% intraday today after the company announced a board-approved global restructuring plan that will cut less than 15% of its workforce and reduce office space.
The San Francisco-based social media company expects to incur $35 million to $45 million in pre-tax restructuring charges, primarily cash-related expenditures, according to a new SEC filing.
Pinterest said the layoffs are part of a broader transformation strategy focused on AI. While reducing overall staffing levels in the near term, the company plans to reinvest in key development areas and strategic opportunities.
Pinterest intends to reallocate resources to AI-focused roles, prioritize AI-powered products and capabilities, and accelerate changes to its sales and go-to-market approach.
The company expects to complete restructuring by the end of its third quarter, subject to local law and consultation requirements.
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