Job cuts, Pinterest (NYSE: PINS) to cut workforce as part of AI transformation plan

Pinterest Inc. (NYSE: PINS) announced a global restructuring plan that will reduce its workforce by less than 15% and include office space reductions. The company expects to incur pre-tax restructuring charges of approximately $35 million to $45 million, primarily consisting of cash-related expenditures.

The social media platform stated the restructuring aims to support transformation initiatives focused on artificial intelligence. These initiatives include reallocating resources to AI-focused roles and teams, prioritizing AI-powered products and capabilities, and accelerating changes to its sales and go-to-market approach.

Pinterest plans to reinvest in key development areas and strategic opportunities despite the overall reduction in staffing levels. The company intends to exclude the restructuring charges from its non-GAAP financial measures, including Adjusted EBITDA.