Internet community discussion platform Reddit says it is laying off about 5% of its workforce, about 90 employees, joining a list of technology companies that have been cutting jobs across corporate America.
Tech companies including Meta Platforms (META.O) have been slashing jobs after aggressively hiring during the pandemic, as the industry braces for an economic downturn.
Chief executive Steve Huffman in an email, according to the Wall street journal said the company would also reduce hiring for the rest of the year to about 100 people from an earlier plan of 300.
Reddit, which was spun off from magazine conglomerate Condé Nast in 2011, has been in the news for its popular discussion channels and subgroups where retail investors speculate on stocks.
Further, according to the company, as of May 2023, there are over 57 million daily active unique visitors who engage with more than 100,000 active communities on Reddit.
The layoff wave has swept not only startups and mid-sized firms, but also big tech companies such as Amazon, Microsoft, and Google parent Alphabet, among others.
So far in 2023, 749 tech companies have laid off 202,399 employees, according to reports.
