BuzzFeed To Dismiss Large Share Of Workforce
View Source | December 8, 2022 5:15 am
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- “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 remarked.
- “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.”
- Shares of BuzzFeed fell more than 6 percent to reach $1.07 by market close on Tuesday; the company’s stock has plummeted nearly 90% since its lackluster debut on the NASDAQ last year.
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