Market Overview - The conclusion of the 2024 U.S. presidential election has significantly boosted market sentiment, referred to as "animal spirits," leading to a surge in stock prices [1] - Factors contributing to this rally include a declining inflation rate, increased spending in AI and data centers, and a dovish stance from the Federal Reserve [1] Cryptocurrency and Small Caps - Bitcoin and related assets, such as MicroStrategy, have experienced substantial price increases, with Bitcoin surpassing silver in market capitalization [2] - Tesla has achieved its largest five-day rally in four years, while the ARK Innovation ETF rose by 16% in a week, indicating a strong risk-on environment [2] - Small-cap stocks have also rebounded to all-time highs after a prolonged period of underperformance [2] BuzzFeed (BZFD) - BuzzFeed is a media organization known for its engaging and viral content, targeting a younger audience through a mix of pop culture and journalism [3] - The company has faced significant challenges since 2021, with its stock price plummeting from nearly $60 to below $1 [4] - Vivek Ramaswamy has acquired approximately a 9% stake in BuzzFeed, expressing belief in the company's potential for recovery and the need for a strategic shift [4] - Ramaswamy's involvement may bring a new direction to BuzzFeed, especially as traditional media faces declining viewership [4] GameStop (GME) - GameStop is recognized as a leading video game retailer, but it is also known as the "king of meme stocks" on Wall Street [7][8] - The company has experienced significant short squeezes, including a notable 1600% gain in early 2021, despite skepticism regarding its fundamentals [8] - GameStop's management has effectively capitalized on its meme status by selling shares during price spikes, resulting in a substantial cash reserve [9] - This cash position provides GameStop with the flexibility to invest in its business, explore new ventures, or distribute special dividends [11] Conclusion - The recent U.S. election has catalyzed a bullish sentiment in the market, particularly benefiting meme stocks like GameStop and BuzzFeed, which present potential investment opportunities [12]

Financial Data and Key Metrics Changes - In Q3 2024, the company reported revenues of $64 million, a 7% increase year-over-year [10][16] - Adjusted EBITDA reached approximately $11 million, a nearly fourfold increase compared to Q2 and a $10 million improvement from the previous year [11][18] - Cash balance grew by $8 million from Q2 to $54 million [11][19] Business Line Data and Key Metrics Changes - Programmatic Advertising revenues grew 9% year-over-year to $17.3 million, accelerating from a 3% growth in Q2 [10][16] - Affiliate Commerce revenues surged by 53%, driven by a record Prime Day performance [10][16] - Overall advertising revenues declined by 3% year-over-year to $26.1 million, while content revenue decreased by 7% year-over-year to $17.4 million [17] Market Data and Key Metrics Changes - Audience time spent increased by 13% quarter-over-quarter and 2% year-over-year to 80 million hours, marking the first year-over-year growth since Q1 2023 [9][14] - The BuzzFeed brand led its competitive set in audience engagement, particularly among Millennials and Gen Z [9] Company Strategy and Development Direction - The company is focused on stabilizing its business and has reorganized around high-margin business lines, specifically Programmatic Advertising and Affiliate Commerce [8][10] - Future plans include updates on debt management and strategic reviews initiated with financial advisors [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in establishing a solid foundation for future growth despite ongoing challenges [11][12] - The company aims to drive consistent top-line growth and expanded profitability in 2025 and beyond [15] Other Important Information - The company has implemented a cost savings plan that contributed to improved profitability [18] Q&A Session Summary - The Q&A session was not included in the provided content, thus no questions or answers can be summarized.

Revenue Performance - Revenue for Q3 2024 was $64.32 million, up from $59.98 million in Q3 2023, representing an increase of 5.6%[15] - Total revenue for Q3 2024 was $64,320,000, a 7% increase from $59,978,000 in Q3 2023, while total revenue for the nine months ended September 30, 2024, was $156,007,000, a 12% decrease from $177,014,000 in the same period of 2023[188][191] - Revenue from the United States for the three months ended September 30, 2024, was $61.67 million, up from $53.66 million in 2023, an increase of 15.0%[52] - International revenue decreased to $2.65 million for the three months ended September 30, 2024, from $6.32 million in 2023, a decrease of 58.1%[52] - Advertising revenue for the three months ended September 30, 2024, was $26.07 million, down from $26.92 million in 2023, a decrease of 3.1%[51] - Content revenue for the three months ended September 30, 2024, was $17.36 million, a decrease of 6.8% from $18.62 million in 2023[51] - Commerce and other revenue increased significantly to $20.90 million for the three months ended September 30, 2024, compared to $14.45 million in 2023, an increase of 44.8%[51] Income and Loss - Income from continuing operations for Q3 2024 was $3.58 million, compared to a loss of $6.73 million in Q3 2023[15] - Net income attributable to BuzzFeed, Inc. for Q3 2024 was $2.09 million, recovering from a loss of $13.72 million in Q3 2023[15] - Basic net income per share from continuing operations was $0.05 in Q3 2024, compared to a loss of $0.33 in Q3 2023[15] - The company reported a net loss of $35,729,000 for the nine months ended September 30, 2024, compared to a net loss of $78,029,000 for the same period in 2023[16] - The company reported a loss from continuing operations of $21,448,000 for the nine months ended September 30, 2024, compared to a loss of $47,631,000 for the same period in 2023[171] - The net income (loss) per common share, basic, attributable to BuzzFeed, Inc. for the three months ended September 30, 2024, was $0.06, compared to a loss of $(0.38) for the same period in 2023[94] Expenses and Cost Management - Total costs and expenses decreased to $60.74 million in Q3 2024 from $66.71 million in Q3 2023, a reduction of 9.0%[15] - The company reported a significant reduction in sales and marketing expenses, which fell to $4.75 million from $8.25 million year-over-year, a decrease of 42.5%[15] - General and administrative expenses decreased to $14.70 million in Q3 2024 from $18.75 million in Q3 2023, a decline of 21.5%[15] - Sales and marketing expenses decreased by $3.5 million, or 42%, for Q3 2024, and by $11.9 million, or 39%, for the nine months ended September 30, 2024, reflecting cost-saving measures[199] - General and administrative expenses decreased by $4.0 million, or 22%, for the three months ended September 30, 2024, with a decrease in rent expense of $1.6 million[201] - General and administrative expenses decreased by $15.9 million, or 26%, for the nine months ended September 30, 2024, driven by a $4.9 million decrease in rent expense[202] Strategic Initiatives and Future Outlook - The company is focusing on cost-saving measures and strategic adjustments to improve financial performance amid market uncertainties[6] - Future outlook includes addressing macroeconomic challenges and enhancing product offerings to drive engagement and revenue growth[7] - The company continues to evaluate strategic changes, including asset divestitures and restructuring, to improve its financial condition[31] - The company plans to implement a 16% reduction in its workforce to enhance agility and profitability[101] - The company expects macroeconomic factors, including elevated interest rates and economic uncertainty, to continue adversely affecting advertising and content revenue in 2024[169] Stockholder Equity and Debt - The total stockholders' equity for BuzzFeed, Inc. as of September 30, 2024, was $71,680,000, reflecting an increase from $67,179,000 at June 30, 2024[18] - The accumulated deficit for BuzzFeed, Inc. stood at $652,895,000 as of September 30, 2024, compared to $654,984,000 at June 30, 2024[18] - The company had approximately $118.8 million aggregate principal amount of convertible notes outstanding as of September 30, 2024, with an effective interest rate of 16%[82] - The company repaid approximately $30.9 million of unsecured convertible notes on March 7, 2024, and $0.3 million on June 21, 2024, leaving approximately $118.8 million outstanding as of September 30, 2024[27] - The company expects holders of the notes to deliver a Put Notice on November 22, 2024, which would require repayment of $118.8 million in principal and approximately $4.7 million in accrued interest[28] Legal Matters - The Company has ongoing legal matters related to the Video Privacy Protection Act, with claims seeking $2,500 for each alleged violation[118] - The Company settled a lawsuit related to the California Invasion of Privacy Act on July 9, 2024[128] Other Financial Metrics - The company generated cash used in operating activities of $16,124,000 from continuing operations for the nine months ended September 30, 2023, compared to cash used of $2,363,000 in the same period of the previous year[21] - The Company recognized total other income of $2.226 million for the three months ended September 30, 2024, compared to an expense of $(1.307) million for the same period in 2023[140] - Cash paid for interest was $6.75 million for the nine months ended September 30, 2024, compared to $9.6 million for the same period in 2023[138]

Financial Performance - BuzzFeed reported Q3 2024 revenues of $64.3 million, a 7% increase year-over-year[2]. - Adjusted EBITDA reached $10.5 million, a nearly four-fold increase compared to Q2 2024 and a $10 million improvement year-over-year[3]. - Net income from continuing operations was $2 million, a $14 million improvement from a net loss of $12 million in Q3 2023[2]. - Total revenue for Q3 2024 was $64,320, a 7% increase from $59,978 in Q3 2023[17]. - Net income from continuing operations improved to $1,968, a 116% increase from a loss of $12,049 in Q3 2023[20]. - Adjusted EBITDA for Q3 2024 was $10,540, compared to $341 in Q3 2023, marking a significant improvement[17]. - The company reported a 15% decline in total revenue for the nine months ended September 30, 2024, compared to the same period in 2023[17]. - Net loss from continuing operations for the nine months ended September 30, 2024, was $31,084 thousand, a significant improvement from a loss of $63,920 thousand in the same period of 2023, representing a 51% reduction[21]. - Adjusted EBITDA for the three months ended September 30, 2024, was $10,540 thousand, with an adjusted EBITDA margin of 16.4%, compared to 0.6% in the same period of 2023[22]. - The net income (loss) from continuing operations as a percentage of revenue for the nine months ended September 30, 2024, was (19.9)%, an improvement from (36.1)% in the same period of 2023[22]. Revenue Breakdown - Affiliate commerce revenues grew 53% year-over-year to $19.6 million, driven by the most successful Prime Day in July[2]. - Programmatic advertising revenues increased by 9% year-over-year to $17.3 million[2]. - Advertising revenue declined by 3% year-over-year to $26.1 million, while content revenue fell by 7% to $17.4 million[2]. - Commerce and other revenue increased by 45% to $20,897, up from $14,447 in Q3 2023[17]. Cash and Assets - Total current assets decreased to $120,920 from $132,789 at the end of 2023[19]. - Total liabilities decreased to $202,473 from $300,293 at the end of 2023[19]. - Cash and cash equivalents increased to $53,723 from $35,637 at the end of 2023[19]. - Cash used in operating activities from continuing operations was $7,372 thousand for the nine months ended September 30, 2024, compared to cash provided of $2,052 thousand in the same period of 2023[21]. - The company reported a net increase in cash and cash equivalents of $18,086 thousand for the nine months ended September 30, 2024, compared to a decrease of $13,304 thousand in the same period of 2023[21]. Strategic Outlook - The company aims to deliver consistent topline growth and expanded profitability in 2025 and beyond[2]. - BuzzFeed's strategy focuses on scalable, tech-driven revenue lines to stabilize the business[2]. - The company plans to share updates on its debt, balance sheet, and Q4 financial outlook in the coming weeks[4]. Other Financial Metrics - Stock-based compensation for the nine months ended September 30, 2024, was $4,238 thousand, slightly down from $4,524 thousand in the same period of 2023[22]. - The company experienced a significant change in fair value of warrants, reporting a gain of $582 thousand for the nine months ended September 30, 2024, compared to a gain of $94 thousand in the same period of 2023[22]. - Cash provided by investing activities from discontinued operations was $108,575 thousand for the nine months ended September 30, 2024, with no comparable figure for the same period of 2023[21]. - The company incurred capital expenditures of $500 thousand for the nine months ended September 30, 2024, down from $761 thousand in the same period of 2023[21]. - The company reported a loss on investment of $3,500 thousand in the nine months ended September 30, 2023, with no comparable figure for the same period of 2024[21].

John M Lund Photography Inc/DigitalVision via Getty Images On Seeking Alpha's free site, I've written two pieces on BuzzFeed, Inc. (NASDAQ:BZFD). Picking back up on the research trail, lo and behold, just as I forecasted, within the July 29, 2024 piece, BuzzFeed provided its best Q3 guidance ever, when they reported Q2 FY 2024 results (August 12, 2024). Third Quarter 2024 Financial Outlook . We expect overall revenues in the range of $58 million to $63 million, or approximately 3% lower to 5% higher than th ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________ FORM 10-Q ______________________________________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number: ...

BuzzFeed, Inc. (NASDAQ:BZFD) Q2 2024 Earnings Call Transcript August 12, 2024 5:00 PM ET Company Participants Amita Tomkoria - SVP of IR Jonah Peretti - CEO Matt Omer - CFO Operator Good day, and thank you for standing by, and welcome to BuzzFeed, Inc. Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Amita Tomkoria, Senior Vic ...

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 in Competitive Set to Grow Audience Time Spent in Q2 Versus Q1, according to Comscore 1 NEW YORK – August 12, 2024 – BuzzFeed, Inc. (Nasdaq: BZFD) reported improved second quarter (ended June 30, 2024) net loss from continuing operations as compared to the prior-ye ...

By clicking "Sign Up", you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Back in 2021, BuzzFeed was worth around $1 billion. Now it's worth $100 million. The bad news is Peretti seems uninterested in Gupta's suggestions: Gupta says a note he sent Peretti's company on July 9 has not generated a response. But since I'm a journalist, I'm duty-bound to report that there are now three investor ...

Vivek Ramaswamy's quest to continue remaking Buzzfeed (NASDAQ:BZFD) has taken a new turn. Indeed, the billionaire and former Republican presidential candidate isn't the only conservative buying up shares of BZFD stock. Now, the family of noted businessman William J. Pulte is jumping on board, having taken an activist stake in the digital media company. What's Happening With BZFD Stock? The Pulte family shared the following statement on X: The statement also clarified that the Pulte family is not working wit ...