Social media company Pinterest (PINS) has announced that it’s laying off about 15% of its workforce as it adopts artificial intelligence (A.I.).
The San Francisco-based company said it also plans to cut back on office space as the company embraces A.I. and automates more tasks that had been performed by people.
Pinterest is an image sharing platform where people on social media publish and share recipes, home décor ideas, clothing styles, and inspiration, according to the company.
In a filing with the U.S. Securities and Exchange Commission (SEC), Pinterest said that it expects the job cuts will be completed by the end of September this year.
Management at Pinterest said they’re “reallocating resources” to A.I.-focused teams and prioritizing “A.I.-powered products and capabilities.”
Pinterest isn’t the only company laying off workers as it relies more on A.I. and automation.
Sneaker and athletic apparel maker Nike (NKE) just announced that it is cutting 775 jobs at its warehouses and fulfillment centres as it accelerates its use of A.I. and automation.
PINS stock has declined 23% over the last 12 months to trade at $25.90 U.S. per share.
Tech Insider
