Business
BuzzFeed, Inc. Announces Fourth Quarter and Full Year 2022 Financial Results
Delivered Q4 Results in line with November outlook NEW YORK--(BUSINESS WIRE)-- BuzzFeed, Inc. (“BuzzFeed” or the “Company”) (Nasdaq: BZFD), a premier digital
About this update from Buzzfeed, Inc.
[{"type":"text","content":"\nDelivered Q4 Results in line with November outlook\n\n NEW YORK--(BUSINESS WIRE)--\nBuzzFeed, Inc. (“BuzzFeed” or the “Company”) (Nasdaq: BZFD), a premier digital media company for the most diverse, most online, and most socially engaged generations the world has ever seen, today announced financial results for the full year and fourth quarter ended December 31, 2022.\n\n“There's no denying that 2022 was a tough year for digital media. The challenges we faced in Q4 are also impacting us in Q1 2023, and it is clear we have more work to do to realize the full potential of our combined brand portfolio,” said Jonah Peretti, BuzzFeed Founder & CEO. “As we work to address these challenges, our value proposition continues to resonate strongly in the marketplace. With iconic brands, a massive audience and a differentiated technology platform, we occupy a unique position in the ecosystem of audiences, creators, platforms and advertisers. And, our work in the exciting new areas of creators and artificial intelligence are continuing to lead the way in defining the future of media.”\n\nFull-Year 2022 Financial and Operational Highlights1\n\n\nIncluding Complex Networks in the 2022 results, BuzzFeed delivered full year revenues of $436.7 million, growing 10% compared to 2021\n\n\nAdvertising revenue, consisting of payments we receive from advertisers for ads distributed against our editorial and news content, including display and pre-roll, was approximately flat at $202.8 million\n\n\nContent revenue, consisting of payments received from clients for custom assets, including both short-form and long-form ranging from branded quizzes to Instagram takeovers to feature films and content licensing, grew 27% year-over-year to $165.8 million\n\n\nCommerce and other revenues, which includes affiliate marketplace, product licensing and events revenue, grew 11% year-over-year to $68.1 million\n\n\n\n\nNet loss was $201.3 million, including a non-cash goodwill impairment charge of $102.3 million, compared to net income of $25.9 million in 2021\n\n\nAdjusted EBITDA2 was $0.5 million, compared to Adjusted EBITDA of $41.5 million in 2021\n\n\nGrowth in Time Spent on our owned and operated properties was more than offset by declines on third-party platforms, resulting in a 21% decline in overall Time Spent, to 624 million hours.\n\n\nBuzzFeed ended the ...