Pinterest (NYSE: PINS) will lay off around 150 employees in order to cut costs, according to Bloomberg on Thursday.

The social media company is another in the long line of tech firms to recently announce layoffs, with Bloomberg stating that sources told them the company has made the decision due to the current economic environment.

Pinterest, which allows users to create online pinboards, is said to have told impacted employees Wednesday.

The move affects less than 5% of the company's total workforce, with cuts occurring in teams across the San Francisco-based
firm, although Bloomberg said not all teams were affected to the same degree.

A Pinterest spokeswoman told the publication that the company is "making organizational changes" to further set it up to deliver against its company priorities and long-term strategy.

"All of the employees who were impacted contributed to Pinterest, and as they transition, we're committed to supporting them with separation packages, benefits, and other services," they added,

By Sam Boughedda