Zillow lays off 25 percent of workforce

Online valuation and listings site Zillow.com announced today it is laying off 40 people, or 25 percent of the company's workforce, in order to cut expenses in anticipation of a prolonged recession.

"Unprecedented economic events ... have made a prolonged recession likely, in our judgment," said Rich Barton, Zillow founder, chairman and chief executive officer, in a post on the company blog.

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