Pinterest rises on back of job cuts, Meta recovery
5./15 WEST


Pinterest (NYSE:PINS) shares rose nearly 5.5% in premarket trading on Thursday after strong results from online advertising competitor Meta Platforms (NASDAQ:META) and announcing layoffs of roughly 5% of the company.
The Bill Ready-led Pinterest (PINS) is laying off about 150 employees, Bloomberg reported, citing a person familiar with the matter. The impacted employees are from various teams.

A Pinterest (PINS) spokesman confirmed the cuts to Reuters but did not specify the number of employees being let go. The spokesman added that impacted employees would be given severance packages, benefits and other items.
Pinterest (PINS) is slated to report fourth-quarter results on February 6. A consensus of analysts estimate the company will earn 28 cents per share on $886.78M in revenue.
On Wednesday, investment firm UBS said the poor results from Snap (SNAP) did not bode well for Pinterest (PINS) and the online ad space in general.