Reddit, the popular online platform, is the latest tech company to feel the pinch of the turbulent economy. Reports suggest that the company plans to lay off 5% of its workforce and reduce new hiring. CEO Steve Huffman conveyed the news in an internal memo, stating that the restructuring will position the company to carry its momentum into the future. With around 2,000 employees, Reddit aims to reach break-even next year and provide more resources for moderators on the platform. However, third-party app developers may face steeper fee demands as Reddit looks to leverage its scale. The company had filed for an IPO in 2021, but economic conditions prevented it from proceeding. The tech sector has seen over 100,000 job cuts in the past year, affecting both emerging firms and giants like Amazon and Google. Mark Zuckerberg, CEO of Meta Platforms, recently declared 2023 to be the “year of efficiency.” Stay tuned for more updates on this developing story.
Reddit to Lay Off 5% of Staff Amid Tech Industry Contraction
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