The third-largest social networking site in the world. Founders Ramu Yalamanchi and Akash Garg said they don’t after having facebook and myspace is planning to dominate the international markets, the San Francisco-based site still has a lock on audiences in countries from Portugal to Mexico. Hi5’s patrons visit 10-15 times a month and users spend their time playing games, sharing pictures, viewing other profiles and new applications. The site nearly doubled its users in the past year to 56 million in August from just 32 million a year earlier. Advertising is only the only major part of Hi5’s business. The site have translated it into 27 languages and dialects and also plan to expand to 64 by year’s end. They pay more attention and concern to Spanish-speaking and make sure to capture the differences between Argentinian slang.

Hi5 is a team of thrifty engineers. Hi5 cuts up to 15 percent of its 110 positions though it is also still hiring. One of the largest social networks in the world has laid off a number of employees this week as part of a “restructuring” effort, according to Tech Crunch.