BuzzFeed announces 15% reduction in workforce

BuzzFeed announced plans to reduce expenses by implementing an approximately 15% reduction in its current workforce. "The reduction in workforce plan is part of a broader strategic reprioritization across the Company in order to accelerate revenue growth and improve upon profitability and cash flow," it said in a statement. BuzzFeed expects to substantially complete the reduction in workforce plan by the end of Q2. The company expects to recognize restructuring charges in connection with the workforce reduction plan of between $7M to $11M. It expects the charges will be recognized primarily in Q2.