Pinterest to reduce office spaces as part of restructuring

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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.