CEO Steve Huffman emailed employees regarding his recent decision. He wrote, “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 the company goals include “getting to breakeven next year” and funding API tools and data for the forum’s moderators. Moreover, he added the tech firm would increase prices for third-party developers. In response, these firms hired thousands of employees, believing the demand would remain long-term. However, it dissipated in 2022 as more countries rescinded their lockdowns, letting people resume normal activities.
“To see this dramatic reversal of fortunes… it’s not just the magnitude of these moves but the speed that they’ve played out. You’ve seen companies make the wrong strategic decisions at the wrong times.”You may have never heard of this company until reading this Reddit layoffs article. However, it has been a strong pillar of online community for many years.
Source: News Formal (newsformal.com)
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