BuzzFeed will furlough 68 employees this month and extend previously announced pay cuts through the end of the year as the company seeks to keep losses under $20 million, CEO Jonah Peretti told staff on Wednesday.
“The global economic downturn caused by the coronavirus pandemic has inflicted increasing negative impact on our business. In recent weeks, we have been confronted with even greater revenue declines than expected,” Peretti wrote in an email to staff, which was provided to TheWrap by a spokesperson. “Based on our projections and our goal to keep losses under $20M, we determined we must further reduce costs to sustain BuzzFeed through this crisis and position ourselves for the eventual recovery.”