HomeNewsPinterest Announces 2nd Round Of Layoffs Weeks After 1st Round, Reports Say

Pinterest Announces 2nd Round Of Layoffs Weeks After 1st Round, Reports Say

According to Bloomberg, the social media startup Pinterest, based in San Francisco, has disclosed their intention to terminate the employment of over 150 employees. In a statement that was later delivered to TechCrunch, Pinterest acknowledged that the layoffs had taken place.

This announcement comes just a few weeks after the company made its initial declaration that it will reduce its workforce in December.

Due to the ongoing epidemic, the company decided to buy itself out of a lease for new office space that was planned to be developed in the vicinity of its headquarters in San Francisco in the year 2020.

According to the Information, the business discontinued its creator rewards programme in the previous calendar year. Creators who generated a sufficient amount of content interaction were eligible for monetary prizes from that programme.

According to a statement that was obtained by TechCrunch, a spokeswoman for the company said in the statement that “We are undertaking organisational adjustments to further position us up to perform against our corporate priorities and our long-term vision.”

“We are dedicated to assisting all of the affected workers as they transition, and this includes providing separation packages, perks, and other services,” Pinterest said in a statement. “All of the affected individuals contributed to Pinterest.”

Users of Pinterest are able to search for and browse photographs and articles, as well as build pin boards that can be used to aggregate ideas or projects.

Pinterest is among a number of other digital businesses, including Google, Coinbase, and Salesforce, that have said that they will be cutting jobs as the tech sector begins to right itself as a result of the pandemic. After an intense period of hiring across the entirety of Covid, many of the enterprises have indicated that they need to restructure.

Pinterest Announces 2nd Round Of Layoffs Weeks After 1st Round, Reports Say

According to Bloomberg, Pinterest is apparently planning to lay off approximately 150 staff, following the company’s previous round of employment cuts in December. According to a study by Bloomberg, this represents less than five percent of Pinterest’s staff, and their actions impact multiple teams across the company.

According to a statement that was issued to The Verge by spokesperson Meredith Klein, the firm claims that it is “making organisational adjustments to further position us up to deliver against our corporate priorities and our long-term vision.”

Pinterest Announces 2nd Round Of Layoffs Weeks After 1st Round, Reports Say

It did not disclose how many workers would be let go from their positions. According to Klein, the individuals whose employment is being terminated will be eligible for “separation packages, benefits, and other services.”

Recent months have seen a significant number of layoffs in the technology industry. Amazon has eliminated 18,000 jobs, Google has let go of 12,000 staff, and other companies like as Meta, Microsoft, and others have eliminated thousands of employees.

Concerning, though, is the fact that Pinterest is cutting its personnel only a short time after the completion of its most recent funding round.

When the corporation reports its financial results for the fourth quarter on Monday, we should have a better idea of what’s going on inside the business.

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More Than 81,000 Employees Laid Off In Major U.S. Layoffs In January

More than 81,000 workers lost their jobs in major U.S. layoffs in January alone, the most in any one month since Forbes started tracking layoffs last summer.

These layoffs included major cuts at Amazon, Google, Salesforce, and Microsoft, as fears of an economic downturn that prompted more than 120 U.S. companies to implement major layoffs last year persist into 2023.

Amazon’s CEO Andy Jassy stated that the company faces a “uncertain economy” after experiencing rapid growth during the Covid-19 pandemic, which resulted in the company announcing the largest round of job cuts in January. These layoffs brought the total number of employees affected by these cuts to more than 18,000.

On January 20, Alphabet, the parent company of Google, made the announcement that it would be cutting 12,000 jobs worldwide as part of a restructuring plan.

This came shortly after Microsoft made the decision to cut 10,000 employees in response to “times of significant change” as customers “do more with less.”

Just this past week, San Jose, California-based cloud data management company NetApp announced in a Securities and Exchange Commission filing that it would cut 8% of its staff (roughly 960 employees),

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blaming the cuts on “macroeconomic challenges” and reduced consumer spending, joining other tech companies such as PayPal, which said it would cut 7% of its company (2,000 positions), as well as Salesforce (7,900), and HubSpot. NetApp joins other tech companies including PayPal, which said it would cut 7% (500 employees).

More Than 81,000 Employees Laid Off In Major U.S. Layoffs In January

According to a filing with the SEC, Groupon implemented another round of layoffs last month as part of a restructuring plan. This round of layoffs represented 15% of the company’s staff and came after the company decided to slash another 500 employees in August.

Reportedly, the software company IBM laid off 3,900 workers, while the toy manufacturer Hasbro eliminated 1,000 jobs, the furniture e-commerce company Wayfair reduced its workforce by 1,750, the chemical company

Dow reduced its workforce by 2,000, Spotify reduced its workforce by 600, the manufacturing giant 3M reduced its workforce by 2,500, and the vacation rental management company Vacasa let go of 1,300 workers.

Recent layoffs have also affected large financial institutions such as Capital One, which reportedly reduced its headcount by 1,100, and Goldman Sachs, which reportedly cut 3,200 employees. Additionally, layoffs have affected cryptocurrency companies such as Crypto.com (2,500 employees), Gemini (100 employees), and Coinbase (950).

Sujay Patil
Sujay Patil
Myself Sujay Patil, I aim to cover the latest trends in the entertainment industry with my own unique perspective thrown in for a good measure. I love dogs and reading about topics ranging from sports to science and technology. I am final year Engineering student.
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