The CEO of San Francisco-based Digg, Inc. announced yesterday that it will lay off 25 employees, 37% of the site’s total staff. This followed chief revenue officer Chas Edward’s announcement that he was quitting to take a job at another company.
Things have been looking grim for Digg in recent months. The company had a major round of layoffs over the summer. The website’s redesign, unveiled in August, has been poorly received. And competitor Reddit keeps nipping at their heels. If the remaining employees weren’t feeling demoralized before, this should do it.
The layoffs are part of a strategy to make the company profitable by mid 2011. Memo from CEO Matt Williams after the jump.