BuzzFeed has announced that it plans to lay off 12% of its employees. crew. The company explains that this is to worsening economic conditions and the challenges facing the digital media industry.
BuzzFeed is an American digital media company that has been in business for 15 years. The company announced on Tuesday that it plans to lay off 12 percent of its employees. crew. The decision, the company says, is in response to deteriorating economic conditions, the acquisition of Complex Networks and the challenges posed by the digital media industry.
Nearly 200 people will lose their jobs
As a result of the reduction in employment, almost 180 employees will lose their jobs. The layoffs will affect sales, production, technology and content. According to unofficial information, employees of BuzzFeed News and HuffPost do not have to worry about layoffs.
“For BuzzFeed to survive the economic downturn, which I believe will last until 2023, we need to adapt, invest in our strategy to best serve our audience, and adjust our cost structure.” BuzFeed CEO John Peretti wrote in a memo to employees.
The company expects to cut most jobs by the end of the first quarter of 2023.
BuzzFeed, which went public late last year through a merger with a special purpose vehicle, said it saw a 15% increase in revenue in September, posting a $27 million loss. The company said last month that it expects revenue to fall by at least 8% in the last quarter of this year. compared to the same period last year.
BuzzFeed stock plummeted shortly after the company went public and is now hovering around $1 a share.
Source: Wprost
