Reddit, the internet community discussion powerhouse, is cutting 90 jobs, laying off about 5% of its total employee base, as it restructure operations to position itself to break even in 2024.
The job cuts were announced by Reddit CEO Steve Huffman in an email to staffers Tuesday. “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 wrote. Along with the layoffs, Reddit is reducing its hiring plans for the rest of 2023 to about 100 additional employees (previously it expected to hire 300). Reddit currently has around 2,000 employees worldwide.
A Reddit rep confirmed the job cuts, which were first reported by the Wall Street Journal. According to the company, as of May 2023, more than 57 million daily active unique visitors engage with more than 100,000 active communities on Reddit. Users on the site have contributed more than 13 billion posts and comments worldwide to date.
In December 2021, Reddit confidentially submitted a draft registration statement with the SEC for a proposed IPO — but there’s been no update on when the company might go public. Reddit has been valued at more than $10 billion.
Launched in 2005, Reddit was acquired by Condé Nast the following year. In 2011, Condé Nast spun out the site. Advance Publications, Condé Nast’s parent company, retains a minority stake.
Reddit recently added new features to its native apps for iOS and Android to make it easier to share content to platforms including Instagram, WhatsApp, Telegram and Snapchat. It also introduced a new set of tools designed to make it easier for website publishers to display Reddit content on their platforms.
Read More About:
Source: Read Full Article