BuzzFeed will lay off around 100 employees after the company missed revenue targets earlier this year, TheWrap has learned. The company employees roughly 1,700 people worldwide.
BuzzFeed CEO Jonah Peretti announced the news to staff in a company-wide email.
“As our strategy evolves, we need to evolve our organization, too — particularly our business team, which was built to support direct-sold advertising but will need to bring in different, more diverse expertise,” said Peretti.
“We’ll be significantly expanding our investment to grow our lifestyle brands and additional new areas, and at the same time making necessary reductions in other areas that will impact employees on our U.S. Business team and in the U.K.”
In addition, Peretti announced that Greg Coleman will step down as president of BuzzFeed to become a senior adviser to the company. Chief Revenue Officer Lee Brown will now report directly to Peretti, who continues his search for a new chief operating officer.
The cuts come amid reports that the company expects to fall short of its revenue targets by as much as 20 percent this year.