NEW YORK, Jan 28 — Pinterest said on Tuesday it would lay off up to 15 per cent of its workforce and cut office space as part of a restructuring aimed at deploying resources toward artificial intelligence (AI), reported German Press Agency (dpa).
The San Francisco-based company, which operates an image-sharing platform used by consumers to find and save ideas for shopping, fashion, home design and other interests, said in a filing with the United States (US) Securities and Exchange Commission that the measures form part of its “transformation initiatives.”
Those initiatives are focused in part on developing “AI-powered products and capabilities,” the company said.
Pinterest said it expects to complete the workforce reductions by the end of September and anticipates recording pre-tax restructuring charges of between US$35 million (RM136.99 million) and US$45 million (RM176.13 million). — Bernama-dpa
