Reddit to layoff 5% employees, cites ‘restructuring of operations’
Also, the social media company has revised his hiring plans for the remainder of the year, reducing the number of open positions to just 100, from 300.
Reddit is laying off 90 employees, or about 5% of its workforce, according to a report, which attributed the social media company's move to a ‘restructuring of operations to break even in 2024’.
FILE PHOTO: Reddit app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
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The story, reported by The Wall Street Journal, cited an email from Reddit CEO Steve Huffman to staffers.
“We've had a solid first half of the year, and this restructuring will position us to carry that momentum into the second half and beyond,” Huffman wrote in the email, according to WSJ.
The San Francisco-based organisation has a total employee strength of around 2,000.
Huffman, meanwhile, also noted in his email that Reddit has revised his hiring plans for the remainder of the year, reducing the number of open positions to just 100, from 300.
In a statement to Variety, a Reddit spokesperson confirmed the job cuts, which will take place globally.
Also, in recent months, thousands of employees have been laid off by major companies, including names such as Amazon, Meta, Twitter, and more. Amazon alone, for examples, has carried out 27,000 job cuts since November 2022, doing so across multiple rounds.
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