BuzzFeed cutting jobs in US, UK
NEW YORK (AP) — Digital media company BuzzFeed is cutting 8 percent of U.S. employees, or 100 jobs, as changes its business model in a bid to boost revenue.
It’s also cutting an unspecified number of U.K. jobs. The company has 1,700 employees worldwide.
A spokeswoman for New York-based BuzzFeed confirmed the layoffs Wednesday. They were first reported by The Wall Street Journal.
In a memo to employees, BuzzFeed CEO Jonah Peretti said the jobs being cut in the U.S. were only on the business side. He says BuzzFeed no longer relies on just “native” ads and needs a different kind of sales team.
Native ads are content created for advertisers that looked similar to BuzzFeed’s popular, snarky videos, lists and quizzes. BuzzFeed is shifting to selling traditional digital ads on its website and has other revenue strategies. The U.K. cuts included editorial jobs.
The Journal said BuzzFeed missed its revenue target for this year.
Tiffany profits sparkle for quarter
NEW YORK (AP) — Tiffany & Co., which has struggled with online competition and lost its luster with younger shoppers, reported a quarterly profit Wednesday that beat Wall Street’s expectations as shoppers in China snapped up its luxury goods.
The high-end jewelry company’s strength in its third quarter mostly came from the Asia-Pacific region, where sales surged 15 percent to $283 million. This was mainly due to strong demand in China. Sales were up 5 percent in Europe to $110 million.
But other places didn’t fare as well. In Japan, sales dropped 8 percent to $139 million. While Tiffany managed to squeeze out a 1 percent sales increase in the Americas, that was considered a disappointment. The company said that a downturn in spending by foreign tourists was part of the reason for the soft sales.