BuzzFeed cuts 12% of staff citing worsening econ conditions

NEW YORK (AP) — Digital media company BuzzFeed is cutting 12% of its workforce, citing worsening economic conditions.

The New York company, which made the announcement in a regulatory filing on Tuesday, did not disclose how many workers it was letting go. According to the data firm FactSet, BuzzFeed has 1,522 employees, which would mean roughly 180 of them would be laid off.

Advertisers, on which BuzzFeed relies, have broadly pulled back spending to address rising costs. Spending on advertising is typically among the most elastic items in a company's budget and is often the first place to see cuts.

“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,” Jonah Peretti, co-founder and CEO, wrote in a letter to staff.