Real estate startup Zillow is cutting 25 percent of its workforce despite enjoying 5.4 million unique visitors per month and growing revenues. The company, however, is anticipating a prolonged recession.
In a blog post, Zillow founder and CEO Rich Barton said that the cuts were necessary.
“This was an incredibly painful decision for me and the leadership team, but, in the end, we concluded that we had no choice but to securely batten down the hatches as we sail into a major economic storm,” Barton said.
Zillow is funded by Benchmark Capital, Technology Crossover Ventures, and Par Capital.