Social-media company Reddit is laying off roughly 90 employees and slowing hiring as it restructures key parts of its business. From a report: Reddit is making the moves to address priorities, including funding projects and achieving its goal of breaking even next year, Chief Executive Steve Huffman told employees in an email seen by The Wall Street Journal. The job cuts amount to around 5% of Reddit’s workforce of approximately 2,000 people.
“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 said in the email. He added that the company would reduce its hiring for the rest of the year to about 100 people from an early plan to hire 300.
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