StumbleUpon, once the premier destination for wasting time on the internet, has cut 30 percent of its workforce in an effort to bring the company to profitability. TechCrunch reports that the layoffs have brought the employee count of StumbleUpon down to just 75, with interim CEO Mark Bartels saying that the move should make the company "more streamlined." The majority of the cuts occurred in the marketing and product departments of the company, but some of StumbleUpon's desktop engineers were also let go most likely due to the fact that 40 percent of traffic to the site now comes from mobile devices.

As TechCrunch points out, falling traffic has been StumbleUpon's main problem ever since its redesign in December 2011, with the visual changes failing to resonate with users. Competition from the likes of Pinterest has also aided the decline in traffic, so much so that StumbleUpon launched yet another redesign in October 2012 that closely mirrored its competitor. Despite everything, the site is still in a "healthy financial state," according to Bartels, with revenue continuing to grow thanks to a slew of advertisers. The company has failed to hire a new CEO since Garrett Camp left the position in May 2012, however, so the site could be shopping for a buyer by focusing on profitability. A potential acquisition is an option that Bartels rejects, though: "The board and the leadership team here want to be an independent entity. We’re not looking at strategic options right now."