BuzzFeed cuts projected revenue by half after missing 2015 financial target
Source: The Guardian
BuzzFeed missed internal financial targets in 2015 and had to substantially cut its projected revenue by about half according to a report published by the Financial Times on Tuesday.
According to the FT, the company has been forced to cut its 2016 revenue target from $500m to $250m after missing its 2015 target by more than $80m. The company reportedly projected revenues of $250m in 2015 but generated less than $170m.
A spokeswoman for BuzzFeed did not immediately return a request for comment. “We are very comfortable with where the digital content world is going and think we are well-positioned,” a representative told the Financial Times in an unattributed statement. The company did not provide other figures.
The news comes in the midst of costs cuts across the media sector, at organizations including Mashable, the International Business Times, Al Jazeera America and the Guardian.
Read more: http://www.theguardian.com/media/2016/apr/12/buzzfeed-projected-revenue-cuts-missed-financial-target
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