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Update: BuzzFeed Shares Rise After Announcing a 35% Workforce Reduction to Cut Costs

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(Updates with the latest stock price movement in the headline and first paragraph.)

BuzzFeed (BZFD) shares were up 7.5% in Tuesday trading after its board approved a plan to cut about 35% of its workforce and dedicated contractors to lower costs and support profitability and positive cash flow.

The company expects to record $6.5 million to $8.5 million in restructuring charges, primarily in Q3, with most cash payments to be made by the end of Q4.

BuzzFeed said the restructuring is expected to generate $29 million to $32 million in annualized savings, beginning primarily in Q3.

Price: $1.22, Change: $+0.09, Percent Change: +7.52%

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