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San Francisco, June 7 – Social discussion platform Reddit is laying off at least 90 employees and reducing fresh hiring as part of restructuring plans to cut costs, a media outlet reported.
According to The Wall Street Journal, the layoffs will impact 5 per cent of the company’s 2,000-strong workforce.
Reddit CEO Steve Huffman said 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”.
Reddit is also reducing its hiring plans for the rest of the year to about 100 additional employees (it was expected to hire 300 people).
“Reddit is laying off roughly 90 employees and slowing hiring as it restructures key parts of its business,” the report said.
The move aims to help the social media company break even next year.
According to the company more than 57 million daily active unique visitors engage with more than 100,000 active communities on the platform.
Users have so far contributed more than 13 billion posts and comments globally.
In May, Reddit rolled out new features to make it easier for Redditors and publishers to share content on and off the platform for both iOS and Android users.
Earlier, when a user came across a post, conversation, or meme on Reddit, the company did not make it easy to send it to others.
In addition, Reddit introduced a new toolbox that makes it easier to display Reddit content on their own platforms to make sharing easier for publishers.