Pinterest to reduce office spaces as part of restructuring By Reuters

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Pinterest to reduce office spaces as part of restructuring

Published Mar 27, 2023 05:01PM ET Updated Mar 27, 2023 05:58PM ET

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Pinterest to reduce office spaces as part of restructuring

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(Reuters) - Pinterest (NYSE:PINS) Inc will end leases of certain office spaces as part of a restructuring plan, the image-sharing platform said on Monday, in addition to about 4% workforce reduction it started last month.

U.S. companies from technology to finance have stepped up cost cuts as they brace for a potential recession.

Pinterest said it expected to incur between $100 million and $125 million in charges related to the restructuring plan.

The office space reductions are expected to be completed in 2023.

Pinterest had nearly 4,000 employees at the end of last year. In February, Bloomberg News reported Pinterest was laying off about 150 employees.

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Comments (1)

Derick Lim Mar 27, 2023 6:26PM ET

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Amazing just by reducing office space and laying off employees will get upgraded by IB without any actual fundamental.......just like Meta......

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