Another mass layoffs, now in BuzzFeed
2022.12.06 11:59
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Another mass layoffs, now in BuzzFeed
Budrigannews.com -The online media company BuzzFeed Inc. announced on Tuesday that it will reduce the number of employees it employs by approximately 12 percent in order to reduce costs. This move places BuzzFeed Inc. in line with a growing number of businesses in the United States that have taken similar actions in anticipation of a potential economic downturn.
According to a regulatory filing, BuzzFeed had 1,522 employees in six countries as of December 31.
In a letter to affected employees, Chief Executive Officer Jonah 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.”
“We need to cut costs for that. Unfortunately, cutting costs necessitates slashing our workforce. The company’s single largest expense is staff salaries.”
Peretti stated that he anticipated that the economic downturn would last well into 2023.
Several technology firms, including Twitter Inc. and Meta Platforms likewise Snap Inc. (NYSE:), have cut back on hiring and cut back on jobs in recent months as the European energy crisis, rising inflation, and higher interest rates start to hurt the economy.
