(BEVERLY HILLS, Calif.) -- MySpace Inc. confirmed on Tuesday that the once-dominant, now dwindling social networking site is cutting nearly half of its work force. The site reportedly plans to eliminate around 500 jobs, or 47 percent of its total staff.
"Today's tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability," MySpace CEO Mike Jones said in a statement.
Earlier this month, The Wall Street Journal reported the company had planned nearly 1,100 cuts.
In October, the site underwent a major overhaul in an effort to rebound from the network's losses.
MySpace's monthly visitor count dropped in November to 54 million -- down 3.7 million from October, according to the Los Angeles Times. Advertising revenue has also fallen 26 percent from a year ago.
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