Social networking site MySpace announced Tuesday that it will reduce its staff by nearly 30 percent, or about 400 employees.

The downsizing will result in a company with about 1,000 U.S. employees, the company said in a statement.

“Our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company,” said Chief Executive Owen Van Natta. “I understand that these changes are painful for many. They are also necessary for the long-term health and culture of MySpace.”

The layoffs were expected after reports surfaced last week that Van Natta and Chief Digital Officer Jonathan Miller found the site in worse shape than initially believed when they took over in April.

Based in Los Angeles, MySpace is a unit of News Corp. which also owns the Fox movie and TV studio.

“I believe this restructuring will help MySpace operate much more effectively both structurally and financially going forward,” Miller said in a statement.

The company recently canceled plans to move into new quarters Playa del Rey.