Social news bookmarking platform Digg has decided to lay-off 37 per cent of its staff in an attempt to make the company profitable by next year.
The ailing company said in a blog post that the job cuts will be a part of Digg's efforts to lower its costs in order to reach profitability in 2011.
Digg CEO Matt Williams said in a statement: “We've considered all of the possible options for reduction, from salaries to fixed costs. The result is that, in addition to lowering many of our operational costs, I've made the decision to downsize our staff from 67 to 42 people.”
The company had earlier imposed job cuts whilst under former CEO Kevin Rose, who had reduced the company's employee headcount by 10 per cent one month after he joined the company.
Tech news site All Things Digital is claiming that Digg's publisher and chief revenue officer Chas Edwards will be leaving the company to join a start-up called Pixazza.