Pinterest to lay off 15% of staff to redirect resources to AI

3 months ago

Pinterest plans to lay off less than 15% of its workforce to cut costs and reallocate resources to AI initiatives.
The layoffs, affecting roughly 700 employees, are expected to be completed by late September.
The company is focusing on AI-powered products, including 'Pinterest Assistant' and personalized boards.
Pinterest CEO Bill Ready highlighted the use of open-source AI models to reduce costs.
The company anticipates pre-tax restructuring charges of $35 million to $45 million.

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