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 ...

Financial Performance - Revenue for Q2 2024 was $46.93 million, a decrease of 24.5% from $62.13 million in Q2 2023[14] - Total costs and expenses for Q2 2024 were $51.15 million, down from $78.55 million in Q2 2023, representing a 34.9% reduction[14] - Net loss for Q2 2024 was $7.36 million, compared to a net loss of $27.84 million in Q2 2023, indicating a 73.6% improvement[14] - Loss from continuing operations before income taxes for Q2 2024 was $6.66 million, down from $22.52 million in Q2 2023[14] - Basic and diluted net loss per share from continuing operations for Q2 2024 was $(0.18), compared to $(0.63) in Q2 2023[14] - Comprehensive loss for Q2 2024 was $8.04 million, compared to $27.78 million in Q2 2023, reflecting a significant reduction[17] - For the first half of 2024, revenue totaled $91.69 million, down from $117.04 million in the same period of 2023, a decrease of 21.6%[14] - The company incurred a net loss of $43.14 million for the first half of 2024, compared to a net loss of $64.10 million in the first half of 2023[14] - The net loss for the three months ended June 30, 2024, was $7,487,000, compared to a net loss of $36,001,000 for the same period in the previous year[21] - The company reported total revenue of $46.9 million for the three months ended June 30, 2024, a decrease of 24.5% compared to $62.1 million for the same period in 2023[51] - The net loss from continuing operations for the three months ended June 30, 2024, was $6.5 million, compared to a net loss of $22.5 million for the same period in 2023[153] - The net loss attributable to holders of Class A and Class B common stock for the six months ended June 30, 2024, was $43.22 million, down from $63.84 million in the same period of 2023, indicating a 32% reduction[90] Cash Flow and Liquidity - As of June 30, 2024, the company had unrestricted cash and cash equivalents of $45.5 million and an accumulated deficit of $655.0 million[29] - Net cash used in operating activities from continuing operations was $16.8 million for the six months ended June 30, 2024, compared to $2.1 million for the same period in 2023, indicating a significant increase in cash outflow[24] - The company repaid approximately $30.9 million of its unsecured convertible notes on March 7, 2024, and $0.3 million on June 21, 2024, leaving approximately $118.8 million outstanding[30] - The company had total cash equivalents of $25.3 million, with no derivative liabilities recorded as of June 30, 2024[58] Cost Management - Total costs and expenses for Q2 2024 were $51.1 million, down from $78.6 million in Q2 2023, resulting in a loss from continuing operations of $4.2 million[165] - Sales and marketing expenses decreased by $5.6 million, or 56%, for the three months ended June 30, 2024, and by $8.4 million, or 38%, for the six months ended June 30, 2024[177][178] - General and administrative expenses decreased by $6.7 million, or 32%, for the three months ended June 30, 2024, and by $11.9 million, or 28%, for the six months ended June 30, 2024[179][181] - The company incurred approximately $2.9 million in restructuring costs for the six months ended June 30, 2024, primarily related to severance and benefits[94] Strategic Initiatives - The company is exploring options to restructure its outstanding debt and may implement incremental cost savings actions to address its capital needs[32] - The company continues to evaluate strategic changes, including asset divestitures and restructuring, to improve its financial condition[33] - The company plans to implement a 16% reduction in workforce to enhance agility and profitability[94] - A strategic shift occurred with the disposal of Complex Networks, which was classified as discontinued operations, impacting financial results significantly[145] Market Conditions - The company continues to face risks related to macroeconomic factors, including inflation and geopolitical tensions, which may impact future performance[7] - Macroeconomic conditions, including elevated interest rates and economic uncertainty, are expected to continue adversely affecting advertising revenue in 2024[151] Revenue Breakdown - Advertising revenue for the three months ended June 30, 2024, was $23.8 million, down 19% from $29.4 million in the same period last year[51] - Content revenue decreased by $10.4 million, or 48%, for Q2 2024, driven by a decrease in the number of branded content customers[172] - Affiliate commerce revenue for the six months ended June 30, 2024, was $19.3 million, a decrease of 1% from $19.5 million in the same period of 2023[174] Stock and Equity - As of June 30, 2024, total stockholders' equity for BuzzFeed, Inc. was $69,317,000, with an accumulated deficit of $654,984,000[19] - The Company approved a reverse stock split at a ratio of one-for-four (1-for-4), effective May 6, 2024[38] - Following the reverse stock split, every four shares of Class A and Class B common stock were converted into one share[39] Legal and Compliance - The company settled various legal matters during Q2 2024 that did not materially impact its financial position[106] - The company regained compliance with Nasdaq's minimum bid requirement on May 20, 2024, after a reverse stock split[118] - The company is involved in ongoing mass arbitrations related to shareholder claims, with proceedings still active[111] Other Financial Metrics - Adjusted EBITDA for the three months ended June 30, 2024, was $2.7 million, a significant improvement from a loss of $2.2 million in the same period of 2023[153] - The effective tax rate for the three months ended June 30, 2024, was 2.6%, significantly higher than 0.2% for the same period in 2023[92] - The company recorded a valuation allowance of $9.5 million against the assets held for sale, reflecting a write-down of the carrying value to fair value[135]

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 ...

Which seems to have been the case since Ramaswamy, a former Republican presidential candidate, disclosed that he was buying up shares of the digital publisher earlier this year. There's a reason the non-news is worth noting today, though: It's July 15, the deadline Ramaswamy set for BuzzFeed to expand its board of directors by adding three new members he proposed. Related stories And from what I can tell, that deadline turned out to not be a real deadline. Advertisement Last month, Ramaswamy and two of his ...

BuzzFeed, Inc. (NASDAQ:BZFD) is a digital media company known for its interesting blend of news, entertainment, lifestyle, and trendy content. The company's products cater to diverse audiences in a global and multilingual market, leveraging various revenue streams, such as native advertising, e-commerce through affiliate marketing, subscriptions for premium content, and content licensing to other outlets. After a challenging 2023, BZFD's investor letter highlights strategic moves like selling Complex Networ ...

On the heels of the Trump/Biden presidential debate, shares in Trump Media & Technology (NASDAQ:DJT) surged in after-hours trading. However, it promptly nosedived after the markets opened. But does Trump's debate win mean the stock is worth buying, or are there stocks to buy instead of Trump Media that capture both political will and emergent social media opportunities? From a purely operational success standpoint, and not accounting for its meme stock status, Trump Media is cooked. Though the initial premi ...

Former 2024 GOP presidential candidate Vivek Ramaswamy is in talks with BuzzFeed's leadership over his proposed changes at the media company. Ramaswamy, a BuzzFeed shareholder, recently spoke virtually with BuzzFeed CEO Jonah Perriti for over an hour and made plans to meet again in person later this summer or in the fall, according to a report from Axios on Monday. Late last month, Ramaswamy wrote a seven-page letter to BuzzFeed's board of directors urging the company to add three more directors he has vett ...