Reddit Laying off 5% of Its Workforce

Reddit initially plans to reduce its hiring by about 100 to 300 people for the rest of the year.

New Delhi : Reddit, the social news aggregation and content rating company, is laying off 5% of its workforce and reducing hiring as part of the company's restructuring efforts. CEO Steve Huffman announced the company's decision in an email to employees on Tuesday. Reportedly, the move is aimed at addressing priorities including funding projects and achieving its targets by next year.

The layoffs amount to about 5% of the company's workforce, which currently stands at about 2,000. "We had a tough first half of the year, and this restructuring will position us to carry that momentum into the second half and beyond," Huffman said in an email.

Reddit initially plans to reduce its hiring by about 100 to 300 people for the rest of the year, Huffman added. Founded in 2005, Reddit is known for its message boards known as subreddits that focus on a variety of topics, as well as its "Ask Me Anything" digital town halls with celebrities, politicians and subject-matter experts.