Business Startup - Business News - Business Loans

No Hi5’s Today. No. 3 Social Network Lays Off 10 to 15 Percent Of Staff

Posted by Internet Guru
October 17, 2008

The layoffs keep rolling in. The latest startup to cut back is Hi5, the third largest social network. But you wouldn’t know it from reading the company’s blog, which touts some positive press coverage today:

During a down economy, things are looking up for hi5. Today hi5 was featured in Fortune.com, soon to arrive on news stands.

Yet on Monday, the 110-person company laid off 10 to 15 percent of its employees in what it is calling a “restructuring” move. A

tipster told us that the cuts came mostly in Design, HR, and QA. I called to ask for a comment and Hi5’s VP of marketing Mike Trigg confirms:

We did a restructuring this week. We did let a few people go, but we are also hiring people.

The world changed for everybody dramatically last week. We are focused on growing our business. We have great momentum.

Trigg says Hi5 should not be lumped in with other startups that are cutting back right now in order to lower their burn rate and survive longer. With openings that the company is still trying to fill, he says the net effect on headcount will be close to neutral.

Hi5’s growth actually has flattened to around 56 million unique visitors worldwide, according to comScore (August figures). But it is still the third largest social network after Facebook and MySpace.

Original article: No Hi5’s Today. No. 3 Social Network Lays Off 10 to 15 Percent Of Staff From techcrunch

Related Posts:

  1. Loop’d Raises $800,000 To Grow Social Network For Action Sports Loop’d Network, an online network for action sports like surfing...
  2. Salesforce Chatter: A Real-Time Social Network For The Enterprise We’re here at Dreamforce, Salesforce.com’s annual cloud computing event in...
  3. Adult Startup Zivity Cuts 1/3 Of Staff Zivity, the adult social network and media site that describes...
  4. DIY Social Network GROU.PS Adds Ranking System To Assign Privileges To Contributors GROU.PS, a do-it-yourself social network focused on moderated online collaboration...
  5. eGether: A Social Network For Pitching And Getting Pitched, Without The Email Overload The overflowing inbox. It’s a problem many a journalist or...
  6. Multiply 4.0: Social Network Photo Sharing Done Right Multiply, a social network with a heavy focus on sharing...
  7. Get All Your Social Network Messages and Emails with NutShellMail NutShellMail appears like just another email and social network message...
  8. Another Google Exec Departs To Run Another Social Network: Kimber To Friendster These social networks sure do like Google execs. Facebook hired...
  9. Ouch. Microsoft Profits Drop 32 Percent In March Quarter Microsoft just announced earnings for its third fiscal quarter. Revenues...
  10. ZooLoo Is A Social Network That Basically Never Wants You To Leave Since you see it every time you open your web...
  11. Webbr Launches a Very Visual Social Network Webbr is a new startup that provides a visual social...
  12. WSJ’s Emo Social Network Not a Bad Idea by Mark ‘Rizzn’ Hopkins The Wall Street Journal rolled out...
  13. hi5 Adds Chat, With A Social Twist Social network hi5 is launching an instant messaging service, hi5...
  14. LinkedIn Announces ‘Audience Network’ for Ads by Caroline McCarthy LinkedIn has long insisted that it’s exempt...
  15. AOL Gives Up on Search for Social Networking! Ever wondered if AOL is turning its back on search...

Social Media

If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.

Comments

No comments yet.

Leave a comment

(required)

(required)