BuzzFeed Inc is a tech-powered, diversified media company that reaches hundreds of millions globally through its cross-platform news and entertainment network. The company produces articles, lists, quizzes, videos, and original series; lifestyle content through brands including Tasty, social food network; original reporting and investigative journalism through BuzzFeed News and HuffPost; an industry-affiliate business, strategic partnerships, licensing and product development through BuzzFeed Commerce; and original productions across broadcast, cable, SVOD, film, and digital platforms for BuzzFeed Studios.
Performance and Challenges
BuzzFeed Inc (BZFD, Financial) reported a net loss from continuing operations of $6.5 million for Q2 2024, a significant improvement from the $22.5 million net loss in the same period last year. Despite this improvement, the company faced a 24% decline in total revenue, amounting to $46.9 million compared to $62.1 million in Q2 2023. Advertising revenue also saw a 19% year-over-year decline to $23.8 million.
Financial Achievements
Despite the revenue decline, BuzzFeed Inc (BZFD, Financial) achieved growth in two of its largest and highest-margin revenue streams. Programmatic advertising revenue grew by 3% year-over-year to $16.0 million, and affiliate commerce revenues increased by 9% year-over-year to $10.4 million. Adjusted EBITDA for Q2 2024 was $2.7 million, a notable improvement from the Adjusted EBITDA loss of $2.2 million in Q2 2023.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | % Change |
|---|---|---|---|
| Total Revenue | $46.9 million | $62.1 million | -24% |
| Advertising Revenue | $23.8 million | $29.4 million | -19% |
| Programmatic Advertising Revenue | $16.0 million | $15.5 million | 3% |
| Affiliate Commerce Revenue | $10.4 million | $9.5 million | 9% |
| Net Loss from Continuing Operations | $(6.5) million | $(22.5) million | 71% |
| Adjusted EBITDA | $2.7 million | $(2.2) million | 223% |
Commentary and Analysis
"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."
BuzzFeed Inc (BZFD, Financial) continues to focus on leveraging its technology platform to drive deeper audience engagement and improved revenue trends. The company reported that time spent among its core demographic—Millennials and Gen Z—grew by 11% compared to Q1 2024. Additionally, direct traffic referrals remained stable, with 90% of audience time spent on BuzzFeed's owned and operated properties.
Financial Outlook
Looking ahead to Q3 2024, BuzzFeed Inc (BZFD, Financial) expects overall revenues to range between $58 million and $63 million, which represents a potential year-over-year change of -3% to 5%. The company also anticipates Adjusted EBITDA to be between $6 million and $11 million, reflecting an approximate $8 million improvement at the midpoint compared to Q3 2023.
For more detailed information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from BuzzFeed Inc for further details.
