- BuzzFeed, Inc BZFD disclosed plans to downsize 12% of its workforce as deteriorating economic conditions and challenges in the digital-media business weighed on its business.
- The cuts will impact under 180 employees, primarily across sales, tech, studio production, BuzzFeed.com, and Complex Networks, the Wall Street Journal reported.
- “In order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure,” CEO Jonah Peretti wrote.
- Also Read: Twitter On A Downsizing Rampage Since Musk Takeover; Terminates Key Ad And Marketing Officials
- BuzzFeed, which went public in 2021 via a special-purpose acquisition company (SPAC) merger, said it increased revenue by 15% year-on-year in the September quarter while reporting a loss of $27 million.
- In November, BuzzFeed expected revenue to fall at least 8% Y/Y in the fourth quarter.
- A variety of forces have forced layoffs across the media landscape.
- In recent quarters, BuzzFeed has focused more on its creator network, as people spend less time with the company’s properties and other digital platforms.
- However, BuzzFeed sees opportunities to reduce duplicate staff following its acquisition of Complex Networks last year.
- BuzzFeed said it had 1,522 employees as of Dec. 31, 2021.
- In March, BuzzFeed announced buyouts at its news division and said it planned to cut 25 jobs elsewhere.
- Price Action: BZFD shares closed lower by 6.14% at $1.07 on Tuesday.
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BZFDBuzzFeed Inc
$2.02-0.49%
Edge Rankings
Momentum
15.74
Growth
Not Available
Quality
Not Available
Value
65.49
Price Trend
Short
Medium
Long
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