Revenue for the high-flying publisher is set to fall 15 percent to 20 percent short of the of the goal of around $350 million, The Journal reported, citing unnamed sources familiar with the situation. BuzzFeed is a privately held company and financial results are not regularly distributed to the public.

The company's rapid expansion has elevated costs and worried board members, the Journal reported, as the digital media industry at large has struggled to generate profits. Vice Media is also expected to fall short of its revenue target for the year, the Journal reported.

BuzzFeed told CNBC it was "very well-positioned" for 2018 but did not specifically comment on a public offering.

"BuzzFeed grew revenue, content views, unique visitors, and time spent in 2017; we've expanded our ad offering with new products .... and rapidly diversified revenue through commerce, licensing, and development for TV and film," BuzzFeed said in a statement.

Vice did not immediately reply to a request for comment.