Reddit Layoffs 2023: What to Know About the Latest Reddit Job Cuts

Reddit layoffs have the social media company in the news as it evaluates the individual performance of its staff.

According to current and former Reddit employees, the company sent out an email on Jan. 24 warning them that layoffs may be on the way. Insiders at the company also note that it wasn’t just poor performers that were let go as Reddit looks to reduce costs.

It’s also unknown just how many employees have been impacted by the Reddit layoffs. The company hasn’t released an official number. Instead, a spokesperson simply said the company undergoes performance reviews throughout the year to ensure it has the proper staff.

What’s interesting about this recent round of layoffs is a new executive hire just before they started. Reddit brought in Harold Klaje as its first chief revenue officer (CRO) on Jan. 23. It’s possible these latest job cuts are connected to him joining the company.

Reddit Layoffs Continue Trend

There’s been more and more layoffs news lately as companies reduce workforces to cut costs. This comes as inflation weighs on both companies and consumers. That’s affecting tech companies majorly with ad revenue suffering from recession fears.

Reddit isn’t immune to this either and matches the type of companies laying off employees lately. Even so, Klaje is remaining positive about Reddit’s potential to bring in advertising revenue.

Investors on the lookout for all of the latest stock market news will want to keep reading!

InvestorPlace is home to all of the most recent stock news traders need to know about on Wednesday! That includes everything happening with shares of Uber Technologies (NYSE:UBER), NextEra Energy (NYSE:NEE), and Canoo (NASDAQ:GOEV) stock today. You can read up on all this news at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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The post Reddit Layoffs 2023: What to Know About the Latest Reddit Job Cuts appeared first on InvestorPlace.

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