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On one hand we see the economy tumbling, and on the other hand lay-off news keeps popping up; Hi5 is the latest. The third largest social network (as comScore’s August figures suggest), after Facebook and MySpace, downsized its staff as it laid off 10 to 15 percent of its employees, tagging it as a “restructuring” move.

The lay-offs came in the Design, HR, and QA departments. Where this news was being publicized, earlier, the company’s blog was seen sharing some positive press coverage:

During a down economy, things are looking up for hi5. Today hi5 was featured in Fortune.com, soon to arrive on news stands.

Also, Hi5’s VP of Marketing, Mike Trigg states:

We did a restructuring this week. We did let a few people go, but we are also hiring people.

The world changed for everybody dramatically last week. We are focused on growing our business. We have great momentum.

The graph below describes the flow of Hi5’s unique visitors worldwide (around 56 million):