Reddit Lays Off 5% Of Its Workforce: All You Need To Know
Reddit joins a growing list of technology firms making similar moves to navigate the evolving economic landscape.
Reddit has announced layoffs affecting approximately 5 per cent of its workforce, which amounts to around 90 employees. This decision aligns with a trend seen across the technology industry in which companies have been reducing their staff numbers due to an anticipated economic downturn.
Various tech companies, including Meta Platforms, have been actively cutting jobs after experiencing significant expansion during the pandemic. Meta, the parent company of Facebook, recently carried out the final phase of a three-part layoff plan, originally announced in March, resulting in the elimination of 10,000 positions across its business and operations units.
Reddit, which separated from magazine conglomerate Condé Nast in 2011, gained substantial popularity in recent times due to the rise of WallStreetBets and other forums on its platform that have become hotspots for retail investors engaged in stock speculation.
The Wall Street Journal initially reported Reddit's workforce reduction, citing an email sent by Chief Executive Steve Huffman to employees. Huffman mentioned that the company would also scale back its hiring plans for the remainder of the year, aiming to recruit approximately 100 individuals compared to the earlier target of 300, as reported by the WSJ.
In December 2021, Reddit confidentially filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The company's message boards had gained significant attention during a meme stock frenzy, attracting day traders and becoming a preferred destination for discussions related to stock market activities.
Earlier this year, Reddit announced that users can search comments within a post on desktop, iOS, and Android. Last year, the company added the ability to search comments across the platform with the addition of a "comments" tab in the search bar, but users were not able to search comments within a post. Reddit is implemented this new change in response to user feedback. With this update, users won't need to 'cmd-f' on the post page anymore, as they can now search comment threads without expanding them.
As Reddit adjusts its workforce size, it joins a growing list of technology firms making similar moves to navigate the evolving economic landscape and optimise their operations for the future.
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