Newsweek editor Jon Meacham informed staff yesterday that the magazine was cutting about a dozen staffers.

“As much as we would like it to be otherwise, market conditions mean that we are going to have to do our work with fewer people….I have no spin to offer,” read the internal memo, obtained by Politico.

PaidContent adds that the cuts were mainly in “areas that support editorial,” as well as two cuts on the digital side.

Revenue at the magazine was down 33 percent in owner Washington Post Company’s Q3 earnings report: the mag brought in $40.2 million in revenue but lost $4.3 million in the quarter.

Newsweek has spent more than $35 million in the past two years buying out 161 employees.