Business
BuzzFeed, Inc. Posts Strong Q2 Financial Results and Expects Continued Improvement in Q3
Programmatic Advertising Revenues Grew 3% Year-Over-Year Affiliate Commerce Revenues Grew 9% Year-Over-Year BuzzFeed, Inc. was the Only Digital Media Company
About this update from Buzzfeed, Inc.
[{"type":"text","content":"\nProgrammatic Advertising Revenues Grew 3% Year-Over-Year\n\n\nAffiliate Commerce Revenues Grew 9% Year-Over-Year\n\n\nBuzzFeed, Inc. was the Only Digital Media Company in Competitive Set to Grow Audience Time Spent in Q2 Versus Q1, according to Comscore1\n\n\n NEW YORK--(BUSINESS WIRE)--\nBuzzFeed, Inc. (Nasdaq: BZFD) reported improved second quarter (ended June 30, 2024) net loss from continuing operations as compared to the prior-year period, and Adjusted EBITDA2 ahead of the Company’s outlook shared on May 13, 2024 and reiterated on July 3, 2024. Second quarter revenues were in line with the Company’s outlook, with year-over-year growth in two of BuzzFeed, Inc.’s largest and highest-margin revenue streams - Programmatic Advertising and Affiliate Commerce.\n\n\n“Our strong performance in Q2 marks a turning point we’ve been working toward for the past two years,” said Jonah Peretti, BuzzFeed Founder & CEO. “We are beginning to see the benefits of our investment in a differentiated technology platform that allows us to accelerate AI product development, make our sites and apps more interactive and personalized, and increase the amount of content our team and audience can create using AI-powered tools.”\n\n\n“These changes are beginning to drive deeper audience engagement and improved revenue trends on our owned and operated properties,” Peretti continued. \"We are not just focused on making small optimizations to our business; our ambition is for BuzzFeed to be the defining digital media company for the AI era, and we will execute accordingly in the coming years.\"\n\n\nSecond Quarter 2024 Financial and Operational Highlights for Continuing Operations (excluding Complex)3\n\n\n\nBuzzFeed4 delivered Q2 revenues of $46.9 million, declining 24% compared to the second quarter of 2023\n\n\nAdvertising revenue declined 19% year-over-year to $23.8 million\n\n\nProgrammatic advertising revenue grew 3% year-over-year to $16.0 million\n\n\n\n\n\n\nContent revenue declined 48% year-over-year to $11.4 million\n\n\n\nCommerce and other revenues grew 7% year-over-year to $11.7 million\n\n\nAffiliate commerce revenues grew 9% year-over-year to $10.4 million\n\n\n\n\n\n\n\n\n\nNet loss from continuing operations was $(6.5) million, compared to a net loss from continuing operations of $(22.5) million in the second quarter of 2023\n\n\n\nAdjust...