Two digital media organizations have reportedly cut jobs.
buzzfeed by closing its news operations and cutting 180 jobs, while from the inside Cuts 10% of its employees, Bloomberg mentioned Thursday (20 April).
After reaching PYMNTS for comment, a Buzzfeed spokesperson confirmed the Bloomberg report. Insider did not immediately respond to PYMNTS’ request for comment.
The report attributed the moves at Buzzfeed to slowing advertising, declining revenue and an inability to maintain a profit despite previous headcount cuts.
Buzzfeed CEO Jonah Peretti told employees in a note, “We are only moving forward with pieces of the business that have proven ability to add to the bottom line. This means that we will no longer support Buzzfeed News as an independent operation,” according to the report.
Per Insider, executives said the cuts resulted from the industry being under significant pressure for more than a year, the report said.
These layoffs are the latest in a series of cuts across industries that often focus on white collar jobs.
On Wednesday, it was reported that Meta is preparing layoffs affecting its major social media platforms — Facebook, Instagram and WhatsApp — and its virtual reality (VR) arm, Realty Labs.
The tech giant announced in March that it had cut 10,000 jobs after laying off 11,000 workers in November last year. It also plans to freeze hiring for an additional 5,000 open positions.
Earlier in April, McDonald’s began a restructuring that included laying off hundreds of corporate employees, reducing others’ compensation packages and closing field offices.
Around the same time, Apple began reducing the number of roles in the company’s retail teams, focusing on development and preservation teams responsible for setting up and maintaining Apple Stores and other facilities.
In March, Disney began closing its subsidiary businesses as part of a plan to reduce its staff by about 7,000, cut costs and restore profitability.
Also in late March, Amazon announced that it would lay off 9,000 employees in its cloud computing, Twitch livestream, and advertising divisions in addition to the 18,000 jobs it cut in January.