Pinterest, the image-sharing and social media platform, has joined other tech companies in letting employees go due to unfavourable economic conditions. The US-based company has confirmed that this recent layoff wave is crucial to its long-term strategy.
According to reports, about 150 employees are expected to lose their jobs, but a spokesperson refused to confirm the departments that would be affected and the exact number of staff that would be let go to TechCrunch.
“We’re making organizational changes to set us further up to deliver against our company priorities and our long-term strategy,” the Pinterest spokesperson confirmed. This layoff results from the 16% jump in its stock prices year-to-date but a 2.3% dip in the last 12 months.
It is worthy of note to get a bigger picture of why Pinterest is reducing its headcount just after its recent layoff of some workers last December. A month before the first layoff, Pinterest shut down its ‘creator rewards’ program, which allowed content creators to earn money through monthly prompts and achieve certain engagement goals. According to them, this was to focus on other creator programs and features.
However, amidst these dire straits, a spokesman from the organization said, “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”.
What to know about Pinterest
Pinterest was founded in October 2008 in San Francisco, California, United States. The goal for it was to create something they thought would be useful for everyone else and also a platform where one can access ideas about inspirational Quotes, Personal Development. love and relationships, cooking, fashion, styles and more.
Pinterest also helped creators earn rewards due to driving of traffic with ads after making posts on it, becoming an affiliate marketer, joining its Creator Fund, and partnering with consistent brands on Pinterest.
Amidst the cost-cutting measures by Pinterest, users can still benefit from the subsistence of the platform.
Layoffs in the tech space
According to Layoffs.FYI, a site tracking all tech layoffs using data compiled from public reports, since the beginning of 2023, over 77917 employees have been laid off from 241 tech companies.
The blog reported earlier this week that over 4,600 employees were laid off from 8 companies, and the list is expected to grow in the coming weeks.
Big tech giants like Amazon, TikTok, Microsoft, IBM, Luno, Spotify, Google, and many others have also been affected by the economic downturn, causing them to cut down a big chunk of their workforce.
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!