Business
BuzzFeed, Inc. Announces Second Quarter 2023 Financial Results
Delivered Q2 Results in line with May 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 Q2 Results in line with May outlook\n\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 second quarter ended June 30, 2023.\n\n\n“The strategic and organizational changes we discussed at our Investor Day in May have been fully executed, putting our rich library of IP and scaled, owned-and-operated properties at the center of our operating model to create innovative, audience-driven content,” said Jonah Peretti, BuzzFeed Founder & CEO.\n\n\nPeretti continued, “In response to consolidation and share gains across the major platforms that continue to impact audience traffic to our content, we are laser focused on our strategy to drive traffic directly to our owned-and-operated properties. We have introduced new AI-assisted content formats to increase engagement and offer innovative advertising opportunities to our clients, rapidly expanded our creator network to participate in the rise of vertical video, and prioritized destination news content to grow our HuffPost front page audience.”\n\n\nSecond Quarter 2023 Financial and Operational Highlights\n\n\n\nBuzzFeed delivered Q2 revenues of $77.9 million, declining 27% compared to the second quarter of 2022\n\n\nAdvertising revenue declined 33% year-over-year to $35.4 million\n\n\n\nContent revenue declined 22% year-over-year to $31.5 million\n\n\n\nCommerce and other revenues declined 17% year-over-year to $11.0 million\n\n\n\n\n\n\nNet loss was $27.8 million, compared to a net loss of $23.6 million in the second quarter of 2022\n\n\n\nAdjusted EBITDA1 loss was $0.1 million, compared to Adjusted EBITDA of $2.1 million in the second quarter of 2022\n\n\n\nTime Spent decreased 9% year-over-year to 96 million hours2\n\n\n\nBuzzFeed ended the period with cash and cash equivalents of approximately $41 million\n\n\n\n_________________________\n1 Adjusted EBITDA is a non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” below for a description of how it is calculated and the tables at the back of this earnings release for a reconciliation of our GAAP and non-GAAP results.\n2 Excludes Facebook; see below.\n\n\nThird Quarter 2023 Financial Outlook\n\...