Stock of Pinterest, Inc. (PINS) is tumbling about 9 percent during Tuesday's trading over its plans to layoff less than 15 percent of its workforce as well as cut office space in a push to embrace artificial intelligence initiatives.
The American company's stock is currently trading at $23.43, down 9.46 percent from previous close of $25.90 on the New York Stock Exchange. It has traded in the range of $23.36 to $40.90 in the past 52 weeks.
In a securities filing, Pinterest shared its plans to complete the cuts by the end of its third quarter in late September.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.