Office Space Reduction in Restructuring Plan
Pinterest (NYSE: PINS) has announced plans to terminate leases on certain office spaces as part of a restructuring strategy, in addition to a 4% workforce reduction initiated last month.
Cost-Cutting Measures Amid Economic Uncertainty
As the possibility of a recession looms, US companies across the technology and finance sectors have been implementing cost-cutting measures to brace for potential economic downturns.
Restructuring Charges are Estimated at $100M-$125M
Pinterest anticipates incurring charges between $100 million and $125 million for the restructuring plan.
Office Space Reduction Completion in 2023
The company expects to complete the office space reductions by the end of 2023.
Pinterest Workforce Reduction Details
At the close of last year, Pinterest had nearly 4,000 employees. In February, Bloomberg News reported that the image-sharing platform laid off around 150 workers.