BuzzFeed (NASDAQ:BZFD) Releases Earnings Results, Misses Estimates By $0.13 EPS

BuzzFeed (NASDAQ:BZFD) posted its earnings results on Thursday. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.13), Zacks reports. The firm had revenue of $26.03 million during the quarter, compared to the consensus estimate of $47.64 million. BuzzFeed had a negative return on equity of 113.86% and a negative net margin of 35.83%.

Here are the key takeaways from BuzzFeed’s conference call:

• BuzzFeed said it ranked first in time spent among Gen Z and millennials in its competitive set, with 9.5 million hours, up 1.5% from the prior quarter. Direct visits and referrals rose to 67% of U.S. traffic to its owned properties, from 65%.
• Third-quarter revenue was $26 million, down from $46.3 million a year earlier; the prior-year quarter included about $7 million from Amazon Prime Day, which did not recur. Net loss was $18.7 million and adjusted EBITDA was negative $4.8 million.
• The company cut its workforce and dedicated contractors by about 35%, expecting roughly $30 million in annualized savings, with $7 million in one-time costs. Management said the restructuring temporarily reduced content output, time spent, advertising and affiliate commerce.
• BuzzFeed is developing premium video and social content, including new shows planned for 2027, and is pursuing a broader free-streaming strategy across digital platforms and connected TV. The company deferred its financial outlook while it integrates recent changes.

BuzzFeed Stock Down 7.6%

BZFD opened at $0.52 on Friday. BuzzFeed has a one year low of $0.46 and a one year high of $2.21. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $43.11 million, a price-to-earnings ratio of -0.33 and a beta of 4.02. The business’s fifty day moving average is $1.05 and its two-hundred day moving average is $1.06.

Analysts Set New Price Targets

BZFD has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BuzzFeed in a research report on Monday, August 17th. Wall Street Zen upgraded shares of BuzzFeed from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, BuzzFeed currently has a consensus rating of “Reduce” and a consensus price target of $1.00.

About BuzzFeed

BuzzFeed, Inc (NASDAQ: BZFD) is a digital media company that develops and distributes news, entertainment, lifestyle and cultural content. Its content is published through websites, social media platforms, video services, newsletters and other digital channels, and is supported by advertising, content licensing, affiliate commerce and other commercial partnerships.

The company’s portfolio includes the BuzzFeed brand, HuffPost and Tasty. BuzzFeed produces editorial articles, quizzes, videos and social content, while HuffPost focuses on news, opinion, lifestyle and culture.