BuzzFeed to Cut Up to 1.7% of Workforce According to Reports

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BuzzFeed to Cut Up to 1.7% of Workforce According to Reports
Credit: © Reuters.

By Sam Boughedda

Investing.com -- BuzzFeed Inc (NASDAQ: BZFD ) shares are trading higher Tuesday after revenue beat consensus expectations.

The company announced earnings per share of $0.01 on revenue of $145.7 million. Analysts polled by Investing.com anticipated EPS of $0.04 on revenue of $133.94 million.

However, it was revealed soon after that three of the company's top editors, including editor-in-chief Mark Schoofs will be stepping down due to an internal announcement about impending job cuts.

According to the New York Times, BuzzFeed will cut around 1.7% of its workforce.

Reports stated that the company's CEO Jonah Peretti announced cuts across the BuzzFeed video and editorial teams alongside reductions in the business and administrative teams.

“I’m emailing early to share that we are also completing the integration of Complex Networks today, which sadly means that we will part with some colleagues in the Admin and Business organizations,” the NYT quoted Peretti as saying in his note to employees.

Adding: “Although this is always a difficult thing to do, it is essential to unify the business organizations and admin teams from BuzzFeed and Complex Networks in order to realize the opportunities that merging our strong brands offers.”

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