News Corporation launched the iPad-only title in early 2011 in the US.
The Daily is aimed at a younger audience than traditional newspapers. It publishes more than 100 pages of daily content, including news, sport and comment.
At the time of launch, Murdoch believed The Daily could revolutionise the newspaper model. News Corporation said the staff cuts would 'enable the business to operate more efficiently and with even greater focus on the types of content that consumers had gravitated towards since launch'.
The cuts are thought to predominantly affect the publication's sports and opinion sections.