hi5, the world's third largest social networking site, cut 50% of its staff - Circle posts

Mike, Vice President of Marketing, hi5; Trigg, hi5's chief executive, did not disclose the number of layoffs, but multiple sources confirmed that Hi5 cut 50 percent of its workforce. Prior to the current round of layoffs, hi5 had a total of about 100 employees. Traeger said the job cuts were "a result of corporate restructuring" and a cost-saving measure. It is clear that hi5's revenues do not match its costs