SAN FRANCISCO: As part of cost-cutting reorganisation plans, social discussion site Reddit is cutting back on new recruiting and laying off at least 90 staff members, , a media outlet reported. The Wall Street Journal reports that 5% of the company's 2,000-person workforce will be affected by the layoffs.
Reddit CEO Steve Huffman mentioned in an internal email to employees Tuesday that they had a solid first half of the year, and "this restructuring will position us to carry that momentum into the second half and beyond". In addition, Reddit is scaling back its hiring goals for the remainder of the year from the 300 individuals it had originally planned to hire. "Reddit is slowing hiring as it restructures key parts of its business and is laying off about 90 employees."
With this strategy, the social media company hopes to achieve financial parity in 2019. More than 57 million daily active unique visitors, according to the firm, interact with more than 100,000 active communities on the site. More than 13 billion posts and comments have been made by users thus far internationally.
Reddit launched new capabilities in May to simplify the process of sharing information on and off the platform for iOS and Android users. Before, it was difficult for users to share posts, conversations, or memes they found on Reddit with others.
In order to facilitate sharing for publishers, Reddit also unveiled a new toolbox that makes it simpler to show Reddit content on their own platforms.