01:21 PM EST, 01/27/2026 (MT Newswires) -- Pinterest ( PINS ) shares were down 10% in recent Tuesday trading after the company said Monday it will implement a global restructuring plan that includes laying off less than 15% of its workforce and reducing office space.

In a filing with the US Securities and Exchange Commission, the company said it expects to incur total pre-tax restructuring charges of about $35 million to $45 million, which the company intends to exclude from its non-GAAP financials, including adjusted earnings before interest, taxes, depreciation and amortization.

Pinterest ( PINS ) said it plans to reallocate resources toward artificial intelligence-focused teams and products, and reinvest in key development areas and strategic opportunities.

The company said it expects to complete the restructuring by the end of Q3 ending Sept. 30.

Price: 23.30, Change: -2.61, Percent Change: -10.06