Categories
Widget Image
Trending
Recent Posts
Thursday, Mar 28th, 2024
HomeVideoBuzzFeed’s Q1 Earnings Were as Rough as Promised With $67.2 Million in Revenue

BuzzFeed’s Q1 Earnings Were as Rough as Promised With $67.2 Million in Revenue

BuzzFeed’s Q1 Earnings Were as Rough as Promised With .2 Million in Revenue

BuzzFeed, the deeply troubled digital media company that’s struggled to adapt to changes in the market, reported first-quarter revenue of $67.2 million and a net loss per share of $0.26 Tuesday. The company had previously warned Wall Street to expect a dreary report, and it delivered on that promise.

In the fourth quarter, BuzzFeed reported a net loss of $106.2 million against quarterly revenue of $134.6 million.

Wall Street has mostly given up on tracking BuzzFeed’s misadventures. A lone analyst surveyed by Zacks Investment Research had predicted a loss of 29 cents per share for the quarter and didn’t offer a revenue forecast.

The company’s struggles come as CEO Jonah Peretti has launched efforts at reinvention, including courting creators and experimenting with AI. He also shuttered BuzzFeed News, a product he had previously championed despite its lack of profits. Peretti has attributed some of BuzzFeed’s failings to his efforts to integrate Complex Networks, a media property BuzzFeed acquired in 2021 as it went public through a SPAC merger.

BuzzFeed anticipated that Q2 should show signs of improvement with revenues between $76 to $81 million and Adjusted EBITDA between $0 and $4 million, the latter of which would be an improvement over Q1’s Adjusted EBITDA loss of $20.2 million.

According to the company, “Facebook now contributes an immaterial amount of advertising revenue,” with Q1 audience engagement on the platform dropping to 22 million hours, a 50-million drop-off from the 72 million hours of Q1 2022.

BuzzFeed also reiterated its commitment to AI experimentation with a statement from the company’s founder and CEO, Jonah Peretti. “By leaning into Creators and AI, I believe we can unlock new opportunities across our portfolio of trusted brands — including Tasty, First we Feast, Complex, HuffPost, and BuzzFeed,” said Peretti.

Source link

Print Friendly, PDF & Email

No comments

Sorry, the comment form is closed at this time.