MySpace Cuts 47 Percent (About 560) of its Workforce

MySpace is cutting 500 employees, or nearly half of its workforce. The social networking, announced, says it's making the cuts "to provide the company with a clear path for sustained growth and profitability" and emphasizes they aren't a reflection of the performance of the major remake of the site it introduced this fall, which it […]

MySpace is cutting 500 employees, or nearly half of its workforce. The social networking, announced, says it's making the cuts "to provide the company with a clear path for sustained growth and profitability" and emphasizes they aren't a reflection of the performance of the major remake of the site it introduced this fall, which it claims has been a success so far.

The last round of layoffs at MySpace that were this severe took place in 2009, when 30% of the staff was laid off to compensate for "the realities of today's marketplace." The layoffs under Van Natta shrunk the site's workforce to 1,000 from nearly 1,420. Today's bring the staff count to roughly 560.

Here's the full statement, which's attributed to MySpace CEO Mike Jones:

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