O BuzzFeed said on Tuesday it would cut about 12% of its workforce to contain costs, adding to the ranks of companies online media companies that have taken measures to anticipate a possible economic crisis.
At the end of 2021, the company had 1,522 employees in six countries, according to a regulatory document.
“Our revenues are being impacted by a combination of worsening macroeconomic conditions and the continued shift in audiences to vertical video, which is still developing from a monetization standpoint,” Chief Executive Jonah Peretti said in a letter to employees.
“This requires us to reduce our costs. Unfortunately, reducing our workforce is an essential part of cutting costs. Employee wages are the company’s biggest single cost.”
Peretti said he expected the crisis to extend into 2023.
Several tech companies, including Meta, Twitter and Snap, have cut jobs and cut back on hiring in recent months as higher interest rates, rising inflation and an energy crisis in Europe begin to take a toll on consumers. markets global.
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