BuzzFeed missed its revenue target for 2015 and has slashed its internal projections for 2016 by about half, raising questions about whether the online news and entertainment network can meet the sky-high valuations put on new media groups by investors.
The company, known for its lists, irreverent content and fast-growing editorial operation, had projected about $250 million in revenues for 2015 but generated less than $170 million, according to three people with knowledge of the situation.
The company has halved its internal revenue target for 2016 from $500 million to $250 million, the people said.
BuzzFeed disputed the figures but declined to give its own numbers. "We are very pleased with where BuzzFeed is today and where it will be tomorrow," the company said. "We are very comfortable with where the digital content world is going and think we are well-positioned."