Pinterest Cuts Roughly 150 Staff

Bloomberg News reported on Wednesday that Pinterest (NYSE:PINS) Inc is cutting off approximately 150 people, or less than 5% of its overall employment. Pinterest joins a flurry of technology companies that are laying off workers to save costs.

The digital search company that allows users to build online pinboards notified affected employees on Wednesday, according to a report quoting a source with knowledge of the company.

Not all teams inside the San Francisco-based corporation were hit to the same extent by the layoffs.

A corporate representative confirmed layoffs to Reuters, stating, "We're implementing organizational changes to better position us to deliver on our company priorities and long-term strategy." However, the official declined to confirm the amount of layoffs.

The spokesman stated that Pinterest will provide all affected workers with severance packages, benefits, and other services during the transition.