Reddit: Reddit to layoff 5% of its workforce, slow hiring process: Report – Times of India

Reddit is the latest company to join the list of technology giants that are cutting jobs. According to a report, the social news aggregation platform has announced that it will lay off about 5% of its workforce, or 90 employees. The company has also announced that it is slowing hiring as part of the company’s restructuring efforts.
Citing a report by Wall Street Journal, news agency Reuters said that company CEO Steve Huffman sent an email to employees saying that the layoffs will affect teams in multiple departments across the company.
“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.
The CEO reportedly mentioned that the company would also reduce hiring in the upcoming year to about 100 people from an early plan of 300.
Reddit, which was earlier the spun off brand from Conde Nast, a magazine conglomerate in 2011, saw a surge in appeal due to the popularity of WallStreetBets and other forums on its platform that have become a venue for retail investors to speculate on stocks.
In December 2021, Reddit had confidentially filed for an initial public offering with the US securities regulator after the company’s message boards became the go-to destination for day traders during a meme stock frenzy.
Job cuts at Meta, Google, Microsoft
Several tech giants like Amazon, Facebook-parent Meta, Microsoft, Google and others have also laid off employees. E-commerce giant Amazon announced 27,000 job cuts while Meta laid off 21,000 employees. Microsoft also joined the list of tech companies, laying off 10,000 employees.
Google also decreased the employee headcount by 6% of total workforce. Salesforce cut the team by 8,000 employees and HP, IBM and Twitter sacked 6,000, 3,900 and 3,700 employees, respectively. Accenture had cut 19,000 jobs.