Hipstamatic Lays Off All But 6 Employees

Hipstamatic has let go five of its eleven employees in a restructuring, a spokesperson has confirmed to Mashable.

Sources told The Next Web, which first reported the story, that the app is not making enough money amid stiff competition from other mobile photography apps, like Instagram and Camera+. Hipstamatic, which is ranked in the top 100 paid iPhone apps on iTunes, generates most of its revenue from in-app purchases of lens, films and virtual camera cases.

Molli Sullivan, director of communications at Hipstamatic, insists that the lay-offs were part of a restructure. "We're not going anywhere, Hipstamatic is here to stay," she wrote in an email to Mashable.

"We're super excited…
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