Reddit, social news aggregation and content rating company, is laying off 5% of its workforce and slowing hiring as part of company's restructuring efforts, the Wall Street Journal reported on Tuesday, citing an email sent to employees by CEO Steve Huffman.
The move aims to address priorities, including funding projects and achieving its goal of breaking even next year, the report said.
The layoff amount to around 5% of the company’s workforce which is currently approximately 2,000 people.
“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 said in the email.
Reddit would reduce its hiring for the rest of the year to about 100 people from an early plan to hire 300, Huffman added.
Founded in 2005, Reddit is known for its message boards called subreddits that focus on a range of topics, plus its “ask me anything” digital town halls with celebrities, politicians and subject-matter experts.
