This announcement comes as Pinterest competes with TikTok, Facebook, and Instagram for digital advertising budgets, as these platforms continue to attract marketers with their broad user base. The company expects to record pre-tax restructuring charges of between $35 million and $45 million. Pinterest announced on Tuesday its plan to lay off 15% of its employees and reduce its office space by the end of the third quarter of this year, as part of a reallocation of the company's resources toward teams and products focused on artificial intelligence.
