Layoff wave: Pinterest lays off about 150 employees amid cost-cutting measures

Pinterest, the photo-sharing social media platform, is reportedly laying off about 150 employees amid cost-cutting measures.

The move affected less than 5 per cent of Pinterest's total workforce, as per a report by Bloomberg.

"We're making organisational changes to further set us up to deliver against our company priorities and our long-term strategy," a Pinterest spokeswoman said.

"Our employees are the heart of how we're able to serve our Pinners around the world. 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," she added.

The photo-sharing social media company had about 4,000 employees as of the end of the third quarter, said the report.

Pinterest joins the wave

Additionally, the report noted that not every team inside the US-based corporation was equally impacted by the job layoffs, albeit they did come from across the board.

With this, Pinterest joins other digital firms that have eliminated thousands of positions, including Amazon, Microsoft, Meta, and Google parent Alphabet.

Paypal's sacking

As a result of the "difficult macroeconomic environment," digital payments processor PayPal recently disclosed that it is dismissing 2,000 full-time workers, or around 7% of its global staff.

According to PayPal President and CEO Dan Schulman, these employment cuts will take place over the upcoming weeks, with some organisations being more negatively affected than others.