Reddit, the popular social discussion platform, is undergoing a restructuring effort aimed at reducing costs. As part of this initiative, the company is laying off approximately 90 employees and scaling back its hiring plans for the remainder of the year. Initially, Reddit had intended to hire 300 additional employees, but that number has now been reduced to around 100. The layoffs are expected to impact roughly 5% of Reddit's current workforce, which stands at 2,000 employees.
The decision to restructure comes in an effort to help Reddit achieve break-even status next year. CEO Steve Huffman conveyed this message in an internal email to employees, expressing confidence in the company's solid performance in the first half of the year and stating that the restructuring will position Reddit to maintain momentum going forward.
Reddit implements layoffs and reduces hiring efforts
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With over 57 million daily active unique visitors and more than 100,000 active communities on the platform, Reddit has become a hub for diverse discussions and content. The platform has witnessed user contributions of over 13 billion posts and comments globally, reflecting its vibrant and engaged user base.
In a recent update, Reddit introduced new features to enhance content sharing for its users. These features enable Redditors and publishers to easily share content on and off the platform, catering to both iOS and Android users. The company recognized the need to improve the sharing experience and implemented a new toolbox that facilitates the display of Reddit content on external platforms, streamlining the process for publishers.
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While the restructuring and layoffs may be challenging for those affected, Reddit remains focused on optimizing its operations and positioning itself for financial stability. As the platform continues to evolve and enhance its features, it aims to maintain its position as a leading destination for online discussions and community engagement.
Inputs from IANS
