Business
BuzzFeed, Inc. Announces Third Quarter 2022 Financial Results
Results exceeded August outlook for both Revenue and Adjusted EBITDA Q3 Revenue grew 15% year-over-year to $104 million NEW YORK--(BUSINESS WIRE)-- BuzzFeed,
About this update from Buzzfeed, Inc.
[{"type":"text","content":"\nResults exceeded August outlook for both Revenue and Adjusted EBITDA\n\nQ3 Revenue grew 15% year-over-year to $104 million\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 quarter ended September 30, 2022.\n\n“I am proud of the results our team delivered in the third quarter, exceeding our August outlook for both Revenue and Adjusted EBITDA, in spite of the rapidly shifting platform landscape and ongoing macroeconomic uncertainty,” said Jonah Peretti, BuzzFeed Founder & CEO. “In the current environment, our advertising clients have limited budgets to deploy, and we continue to win on massive audience reach, culturally relevant IP and brand safety.”\n\nMr. Peretti concluded, “Looking ahead, we are on pace to deliver our strongest performance of the year in the fourth quarter. As we continue to navigate the dual dynamics of the rapid rise of short-form vertical video and an uncertain macroeconomic environment, we are focused on preserving cash and leveraging a deep understanding of our audience to direct resources toward the opportunities with the highest potential for monetization.”\n\nThird Quarter 2022 Financial and Operational Highlights1\n\n\nIncluding Complex Networks in the 2022 results, BuzzFeed increased Q3 revenues to $103.7 million, growing 15% compared to the third quarter of 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 $50.4 million, flat year-over-year\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, grew 45% year-over-year to $38.4 million\n\n\nCommerce and other revenues, which includes affiliate marketplace, product licensing and events revenue, grew 12% year-over-year to $14.9 million\n\n\n\n\nNet loss was $27.0 million, compared to a net loss of $3.6 million in the third quarter of 2021\n\n\nAdjusted EBITDA2 loss was $2.4 million, compared to Adjusted EBITDA of $6.0 million in the third quarter of 2021\n\n\nTime spent decl...