Pinterest laid off about 150 workers on Wednesday, making it the latest tech company to lay off workers amid economic concerns.
According to Bloomberg News, the layoffs affect less than 5% of Pinterest’s workforce and span multiple teams.
“We’re making organizational changes to further set us up to deliver against our company priorities and our long-term strategy,” a Pinterest spokesperson said in an emailed statement to MarketWatch. “Our employees are the heart of how we’re able to serve our Pinners around the world. 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.”
Pinterest laid off some of its recruiting team in December and announced plans to slow its hiring pace due to concerns about a slowing digital-ad market. In December, Pinterest added an executive from activist investor Elliott Management Corp to its board of directors as part of a long-term agreement to boost the company’s growth.
According to data compiled by Layoffs.fyi , more than 82,000 tech workers have been laid off so far in 2023, at companies ranging from Alphabet Inc. and Microsoft Corp. to software company Splunk and EV maker Rivian Automotive Inc., both of which announced layoffs Wednesday.
Pinterest shares are up 10% year to date but down 2.3% year to date, compared to the S&P 500’s 7.3% gain in 2023 and 10% decline year to date.