Left-wing media company BuzzFeed is dismissing 12% of its employees as the company braces for difficult macroeconomic conditions and adapts to new market trends.
The layoffs will cost approximately 180 employees their jobs as the company shifts focus to “areas that will drive growth" and away from “areas with less audience engagement." This is according to a message sent to employees on Tuesday by BuzzFeed CEO Jonah Peretti and obtained by Axios media reporter Sara Fischer.
The bulk of BuzzFeed’s layoffs occurred on Dec. 6, with only a few cases of severance extending into 2023. Restructuring charges are anticipated to be between $8 million to $12 million, recognized primarily in the fourth quarter of 2022. https://t.co/LhcFFl3jJJ
— tamikacody (@TamikaCody) December 6, 2022
“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,” Peretti stated. “Our revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint.”
“As we navigate the dual dynamics of the rapid rise of short-form vertical video and a weakening macroeconomic environment, this also means we are focused on preserving cash and leveraging our strong audience signal to direct resources toward the opportunities with the highest potential for monetization,” Peretti said to investors.
lol
buzzfeed is trading at like $1 nowhttps://t.co/2RgDIDjL5H
— Tim Pool (@Timcast) December 6, 2022
Amazon, Tesla and Microsoft have also announced layoffs or hiring freezes with the holiday season kicking into gear.
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