A San Francisco company that avoided the recent wave of tech layoffs is issuing its first staff cuts of the post-pandemic era.
Reddit, the SF-based social media giant, will cut 90 positions this year, representing 5% of its 2,000-person workforce. The move was first reported in the Wall Street Journal and confirmed by The Standard.
CEO Steve Huffman announced the staff cuts as part of an organizational restructuring. The company also said it would reduce its hiring plans from 300 to 100 employees for the rest of 2023.
Launched in SF in 2005, Reddit filed to go public in 2021 and reported a valuation of $10 billion in mid-2022.
Though the company fought rumors that it had cut contractors and other jobs over the past year, Reddit's plans announced Tuesday will be its first official layoffs of the post-pandemic era.
The cuts come during a period of declining layoffs in the city, with only 10 firms announcing a total of 2,000 layoffs in San Francisco during May.
The Standard Layoff Tracker shows more than 52,000 positions have been eliminated since January 2022.