BuzzFeed slashes revenue forecasts after 2015 income falls $80m below target
BuzzFeed has slashed its revenue projections for the year ahead after it fell $80m short of hitting its 2015 internal financial targets.
The multi-million dollar undershoot has seen the social news and entertainment provider halve its 2016 revenue target to just $250m after projected revenues of $250m last year failed to materialise, with just $170m ending up in the bank.
Dismissing concern at the scale of these write downs a BuzzFeed spokesperson told the Financial Times: “We are very comfortable with where the digital content world is going and think we are well-positioned.”
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.