2024-03-25 16:46:06 ET
Buzzfeed Inc (NASDAQ: BZFD) says it remained in loss in its fourth financial quarter. Shares of the internet media company are slightly down in extended hours.
Why is Buzzfeed stock down in after-hours?
The stock is pushing down also because the entertainment firm reported a 12% decline in time spent to 72 million hours in Q4.
Buzzfeed now forecasts its revenue to fall between $42 million and $44 million in the current quarter. Jonah Peretti – its chief executive said in the earnings press release today:
Despite challenges over the past year, I’m optimistic about BuzzFeed’s trajectory in 2024. I believe we have a tremendous opportunity in front of us to build the defining media company for the AI era.
The Nasdaq-listed firm forecasts its adjusted EBITDA to fall in the range of $10 million to $12 million in Q1. Buzzfeed stock is currently up close to 150% versus the start of 2024.
Notable figures in Buzzfeed Q4 earnings release
- Lost $11,293 versus over $100,000 last year
- Per-share loss also narrowed from 43 cents to 3 cents
- Adjusted EBITDA printed at $15.1 million in Q4
- Revenue declined 26% year-over-year to $75.7 million
- Consensus was 6 cents a share on $104.6 million in revenue
- Ended the quarter with $36 million of cash and equivalents
Buzzfeed saw its advertising and content revenues tanked 25% and 34%, respectively, as per the earnings report. CEO Peretti also said on Monday:
It’s clear BuzzFeed is at an inflection point. We’ve restructured our business to focus on scalable, high-margin, and tech-led revenue streams. We are leveraging AI tools to optimize our platforms and accelerate innovation.
This is a developing story. Check back in a few minutes for more updates!
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