SAN FRANCISCO (KRON) — San Francisco-based social media company Pinterest has announced plans to lay off almost 150 people, according to Bloomberg. Pinterest later confirmed the layoffs in a statement sent to TechCrunch.
This announcement comes weeks after its previous announcement to make staffing cuts in December.
In 2020, the company bought itself out of a lease for new office space to be built near its headquarters in San Francisco due to the ongoing pandemic. Last year, the company shut down its creator rewards program, according to the Information. That program offered cash rewards to creators who drummed up enough content engagement.
“We’re making organizational changes to further set us up to deliver against our company priorities and our long-term strategy,” a company spokesperson said in a statement quoted by TechCrunch. “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.”
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Pinterest allows users to search for and browse photos and articles and create pin boards to group ideas or projects.
Pinterest is among several other tech companies to announce layoffs as the tech market begins to correct itself since the pandemic, including Google, Coinbase and Salesforce. Many of the companies have cited needing to restructure after an aggressive hiring period throughout Covid.
As of Feb. 2, Pinterest’s stock price has seen a 5-percent dip year over year.