Pinterest cites artificial intelligence in laying off 15% of workforce
CBSN
Pinterest plans to cut its workforce by 15% this year, a move the company said will allow it to reallocate resources to the build-out of its artificial intelligence capabilities. Edited by Aimee Picchi In:
Pinterest plans to cut its workforce by 15% this year, a move the company said will allow it to reallocate resources to the build-out of its artificial intelligence capabilities.
The San Francisco-based company disclosed the plan in a regulatory filing on Tuesday, noting that the reduction will affect "less than 15% of the company's workforce" and will include office space reductions.
Pinterest is cutting costs to create more cash flow for AI-focused roles and teams, AI‑powered products and to help accelerate how it conducts sales, according to the company's filing.
"We are making organizational changes to further deliver on our AI-forward strategy, which includes hiring AI-proficient talent," a Pinterest spokesperson said in a statement. "As a result, we've made the difficult decision to say goodbye to some of our team members."
Founded in 2008, Pinterest allows users to find and save recipes, decor and other content, and shop for products. The San Francisco-based company has 4,666 employees, according to the financial data platform FactSet.
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