Pinterest to lay off 150 employees; cuts workforce by almost 5%

Pinterest, an American image-sharing and social networking website, has let off around 150 staff as part of cost-cutting initiatives. According to Bloomberg, the job layoffs came from teams across the US-based corporation, albeit not all were affected equally. As of the conclusion of the third quarter, the company allegedly employed over 4,000 people.

“We’re undertaking organizational adjustments to better position ourselves to deliver on our corporate goals and long-term plan,” a Pinterest representative said.

“Our workers are at the core of how we can assist our Pinners all around the world. “All of the workers who were impacted contributed to Pinterest, and we’re dedicated to assisting them with separation packages, benefits, and other services as they transition,” she said.

Earlier, PayPal said that it will lay off 2,000 full-time employees, or around 7% of its worldwide workforce, to handle the “difficult macroeconomic climate.”

PayPal President and CEO Dan Schulman stated that the job cuts will take place over the next few weeks, with some organizations being impacted more than others.

Pinterest now joins the ranks of other big corporations that have laid off thousands of employees. Last month, numerous large corporations such as Microsoft, Google, Amazon, and Facebook lay off more than 3,400 IT professionals each day on average throughout the world.

As per the data by layoffs tracking site, 219 companies had laid off more than 68,000 employees in January.

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