On Thursday, June 4th, a stunning announcement came out of popular San Francisco-based social media platform Pinterest that it would be cutting about 150 jobs from its workforce. This news followed an article released by Bloomberg where a spokesperson for the company revealed that it was reducing its staff due to an “operating efficiency review.”
Despite over 320 million active users on the platform, financial losses totaled $1.4 billion during 2020. This decision was in response to the current economic crisis, and according to a representative from Pinterest, the company had to make some hard choices in order to control its costs. The layoffs occurred in the U.S., U.K., and Canada and will affect about 8% of the total staff. However, some of those affected will still be able to take up employment in other areas that are not affected.
The spokesperson also added that the action was “difficult but necessary” as the company could not sustain its expenses without “reducing costs across the organization.” After several years of rapid growth, the company had to make a major transition in order to focus on bringing more users and money to the platform.
The announcement was met with sadness from many of the employees affected by the layoffs, as well as those who sympathized with those facing financial troubles. It is hoped that the company will be able to turn around their business in the coming months and start hiring again soon.
Pinterest Inc is laying off about 150 employees, or less than 5% of its overall workforce, Bloomberg Information reported on Wednesday, signing up for a flurry of know-how organizations that are firing workers to cut costs.
The digital-research enterprise that lets end users make on-line pinboards informed the impacted workforce on Wednesday, the report explained, citing a man or woman acquainted with the firm. The task cuts came from teams across the San Francisco-based organization, although not all had been afflicted to the same degree.
“We’re building organizational changes to even further set us up to deliver towards our enterprise priorities and our long-time period strategy,” a business spokesperson informed Reuters, confirming occupation cuts. The official, even so, declined to confirm the variety of occupation cuts. Pinterest will assistance all impacted workforce with separation offers, positive aspects and other solutions throughout the transition, the spokesperson added.
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