Pinterest to reduce office spaces as part of restructuring By Reuters

© Reuters. FILE PHTO: A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration

(Reuters) – Pinterest (NYSE:) Inc will end leases of certain office spaces as part of a restructuring plan, the image-sharing platform said on Monday, in addition to about 4% workforce reduction it started last month.

U.S. companies from technology to finance have stepped up cost cuts as they brace for a potential recession.

Pinterest said it expected to incur between $100 million and $125 million in charges related to the restructuring plan.

The office space reductions are expected to be completed in 2023.

Pinterest had nearly 4,000 employees at the end of last year. In February, Bloomberg News reported Pinterest was laying off about 150 employees.

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