Reddit layoffs 5% of its workforce

Steve Huffman, the CEO of the US-based online forum platform Reddit, announced that the company will be reducing its workforce by five percent and implementing fewer hiring initiatives.

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The goal is to restructure operations in order to achieve profitability by 2024. This move is part of a larger trend in the tech industry, with companies such as Amazon and IBM also having laid off thousands of workers due to an economic downturn.

That five percent, according to The Wall Street Journal, removes occupation for 90 roles. For reference, the company has about 2,000 employees worldwide.

“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,” said Huffman as per WSJ report.

A representative from Reddit has also confirmed that the company will be reducing its hiring in 2023 to around 100 new employees, down from the previously planned 300, as part of the restructuring that includes the layoffs.

Other tech giants such as Google, Meta, Amazon, and Microsoft, among others have also recently had layoffs—partly due to fears of a possible recession in the United States, which could have a negative impact globally.