Pinterest shares plunge 10% as move to cut hundreds of jobs shocks investors

Pinterest will trim less than 15% of its workforce, the social media platform said Tuesday, as it plans to reallocate resources to its artificial intelligence-focused roles and strategy.Shares of the company, however, tumbled nearly 10% after its AI pitch failed to ignite investor enthusiasm, underscoring heightened competition from TikTok and Meta-owned Facebook and Instagram for ad market share.“Without clear cost savings or a concrete path to AI-driven revenue growth, these cuts look more defensive than ...