Media company BuzzFeed Inc. announced on Tuesday that it would be laying off about 12% of its workforce to overcome the economic downturn expected to extend into the next year.
"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. That requires us to lower our costs," CEO Jonah Peretti commented on the decision.
Buzzfeed had more than 1,500 employees across six countries, per the data from end-2021. The company's stock sold for $1.09 apiece after tumbling nearly 4%, hovering around the lowest value on record.
