The outcry of layoffs in tech and social media companies across the world is not stopping anytime soon. After giant companies like Meta Layoff and Google Layoff, now another company has joined this queue. Social discussion platform Reddit is laying off 90 of its employees. The company has taken this step to cut costs. Along with this, the company is also doing its restructuring. Apart from the fresh layoffs, the company has also put a hold on new recruitments.
According to reports, the company is laying off 5 percent of its 2,000 employees. Reddit CEO Steve Huffman said in an internal email to employees on Tuesday that the company has had a much better first half of the year. Now the company is going to restructure to maintain this order. It is expected that the company will maintain its profitable position.
Along with the latest layoffs, Reddit has also put a pause on its new recruitments. Reddit was going to recruit around 300 employees this year, but it has been put on hold for the time being. That means the company will not give new jobs, while the company has hanged the sword of retrenchment on the existing employees as well.
“Reddit is laying off roughly 90 employees and slowing down hiring,” the report said. The move is aimed at helping the social media company break even next year. According to the company, it has around over 57 million daily active users. Users have contributed over 13 billion posts and comments globally so far.
In May, Reddit rolled out new features to make it easier for Redditors and publishers to share content on the platform for both iOS and Android users. Earlier, when a user saw a post, conversation or meme on Reddit, the user did not get the facility to share this post, but in the new update, this facility has also been started. In addition, Reddit introduced a new toolbox that makes it easier for publishers to showcase Reddit content on their platform to make sharing easier.