Hipstamatic Out Of Film? Camera App Lays Off Engineers And Others

Is Hipstamatic, the iPhone photo app that was an early hit on the App Store, on the rocks? TechCrunch understands that Synthetic, makers of the app, has recently had to let go of much of its engineering staff, among others, as part of a wider restructuring as it looks for cash. A number of public tweets (embedded below) also point to people leaving. The news comes as a surprise, given that Synthetic says that it has been profitable since the second week after it launched. It is projected to make $22 million this year (from $10 million in 2011). Contacted for a response to the news, a spokesperson confirmed that Hipstatmatic is restructuring but nothing more:?"Business is moving forward as usual,?and we're heads down focused on making beautiful, creative and fun products for our community and the world." The company to date has never had VC backing.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/JbL3y1xMEfY/

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