Pinterest to lay off 15% of staff to redirect resources to AI

Core Viewpoint - Pinterest plans to lay off less than 15% of its workforce to reduce office space and reallocate resources towards AI initiatives, expecting to complete the layoffs by late September [1] Group 1: Workforce Changes - The company will be cutting approximately 700 jobs, based on its total of 4,666 full-time employees at the end of 2024 [1] - The layoffs are part of a strategy to focus on AI-focused roles and teams that enhance AI adoption and execution [1] Group 2: AI Initiatives - Pinterest has been investing in AI, recently launching "Pinterest Assistant," an AI companion for shopping advice and recommendations [2] - The company is also experimenting with AI-powered personalized boards to enhance user experience [2] - CEO Bill Ready highlighted the potential of open-source AI models to help manage costs during the last earnings call [2] Group 3: Financial Implications - Pinterest anticipates pre-tax restructuring charges between $35 million and $45 million due to the layoffs [3]