According to a report by Bloomberg News on Wednesday, February 1, Pinterest Inc. will lay off approximately 150 employees, which accounts for less than 5% of the company’s total workforce. In doing so, Pinterest will join a flurry of other technology companies that are firing workers in order to cut costs.
According to the story, which cited an individual who was familiar with the company, the digital-search company that allows users to build online pinboards told the employees who would be affected on Wednesday.
The layoffs were implemented by teams located throughout the San Francisco-based corporation, although not all of them were affected to the same extent.
A spokeswoman for the company confirmed to Reuters that job losses would occur by saying, “We are making organizational adjustments to further put us up to perform against our company priorities and our long-term strategy.” However, the official did not clarify the amount of positions that were eliminated.
According to the spokesman, Pinterest will provide all affected workers with severance packages, benefits, and other services while the company is undergoing the transition.