San Francisco: Social discussion platform Reddit is laying off at least 90 employees and reducing new hiring as part of restructuring plans to cut costs, a media outlet reported.
According to The Wall Street Journal, the layoffs will affect 5 percent of the company’s 2,000-strong workforce.
Reddit CEO Steve Huffman said in an internal email to employees on Tuesday that they had a solid first half of the year, and “this reorganization will position us to carry that momentum into the second half and beyond”.
Reddit is also scaling back its hiring plans for about 100 additional employees for the rest of the year (it had expected to hire 300 people).
“Reddit is laying off roughly 90 employees and slowing hiring as it restructures key parts of its business,” the report said.
The move is aimed at helping the social media company break even next year.
According to the company over 57 million daily active unique visitors engage with over 100,000 active communities on the platform.
Users have contributed over 13 billion posts and comments globally to date.
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.
Previously, when a user viewed a post, conversation or meme on Reddit, the company didn’t make it easy to send it to others.
In addition, Reddit introduced a new toolbox that makes it easier for publishers to showcase Reddit content on their platform to make sharing easier.