myspace 385 Myspace Lays Off Half Its Workforce

Struggling social networking website Myspace.com laid off nearly half of its workforce yesterday amid slumping membership.

CEO Mike Jones says the cuts were part of an effort to improve profitability and growth. Jones adds that the move had nothing to do with the performance of the site. Myspace experienced a third-quarter revenue drop of 25-percent from the same period last year, and the site has lost nearly 30-million members since November 2009.

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