More Layoffs At BuzzFeed; Can’t Spell “Bundle” Without “Bled” – AdExchanger

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BuzzCuts

BuzzFeed is laying off 12% of its workforce, Variety reports, based on an SEC filing.

The reduction will apparently help BuzzFeed “weather an economic downturn that I believe will extend well into 2023,” writes CEO Jonah Peretti in a memo.

BuzzFeed’s revenue was flat YoY in Q3, while its net loss for the quarter grew from $3.6 million to $27 million. On top of that, BuzzFeed CFO Felicia DellaFortuna set expectations for a “somewhat muted” seasonal sales lift this year.

The SEC filing offered numerous reasons for the cuts, and chief among them are “challenging macroeconomic conditions.” BuzzFeed also recently completed its acquisition of Complex Media and says there were duplicate roles across the two companies.

And then there are all the shiny objects, like the shift to short-form vertical video – let’s call it the TikTok pivot – which is “still developing from a monetization standpoint.” Guess…

Read Full Story: https://news.google.com/__i/rss/rd/articles/CBMiQGh0dHBzOi8vd3d3LmFkZXhjaGFuZ2VyLmNvbS9hZC1leGNoYW5nZS1uZXdzL3dlZG5lc2RheS0wNzEyMjAyMi_SAQA?oc=5

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source: https://news.oneseocompany.com/2022/12/06/more-layoffs-at-buzzfeed-cant-spell-bundle-without-bled-adexchanger_2022120637137.html

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