BuzzFeed cuts sales forecasts by half after disappointing year

14/04/2016

BuzzFeed has been forced to cut it's projected revenue by about half, after the online publisher missed its financial targets in 2015.

According to a report in the Financial Times, 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.

BuzzFeed was valued at $1.5bn last year following a $200m investment by NBCUniversal following a 2011 decision to branch out into high quality reporting and video content.

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