Reddit announced 5% layoffs and scaled back its hiring plan this year

CTOnews.com, June 7 (Xinhua)-- Steve Hoffman, CEO of Reddit, said in an email sent to employees on Tuesday that he is laying off about 5% of his employees (about 90 people), which means he has joined the wave of layoffs at US technology companies, according to the Wall Street Journal.

▲ Touyuan Pexels technology companies, including Meta, actively recruited staff during the epidemic, but after the epidemic, the entire industry was dealing with a depressed economic outlook, so it generally began to lay off staff. Meta laid off its business and operations last month as part of a major layoff it announced in March, when Meta announced that it would cut 10000 jobs worldwide.

Reddit, which was spun off from Conde Nast, the publishing group, in 2011, has become a popular forum for retail investors to invest in stocks.

Mr Hoffman also said Reddit would reduce hiring to about 100 by the end of the year from 300 previously planned.

According to CTOnews.com, hundreds of subsections of Reddit will be suspended due to strong opposition from users and developers over plans to charge third-party apps. Although Reddit has not yet made a formal response to the protest, it still raises concerns about its subsequent operating performance.