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00:03Pinterest said Tuesday it plans to lay off
00:05less than 15% of its workforce and reduce office space as it shifts
00:10more resources toward artificial intelligence, according to CNBC.
00:15The company said the cuts are expected to be completed by the end of the third quarter in late September.
00:20The company said it is reallocating resources to AI-focused teams
00:25and prioritizing AI-powered products while reshaping its sales and marketing.
00:30Pinterest said it expects to record pre-tax restructuring charges of $35 million
00:35to $45 million.
00:37The company reported more than $4,500
00:40employees globally as of last April.
00:43Pinterest has rolled out AI-driven tools
00:45including a shopping assistant and automated advertising products.
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00:50visit Benzinga.com
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