Buzzfeed 'at an inflection point' after Q4 earnings

Buzzfeed Inc (NASDAQ: BZFD) says it remained in loss in its fourth financial quarter. Shares of the internet media company are slightly down in extended hours.

Why is Buzzfeed stock down in after-hours?

The stock is pushing down also because the entertainment firm reported a 12% decline in time spent to 72 million hours in Q4.

Buzzfeed now forecasts its revenue to fall between $42 million and $44 million in the current quarter. Jonah Peretti – its chief executive said in the earnings press release today:

The Nasdaq-listed firm forecasts its adjusted EBITDA to fall in the range of $10 million to $12 million in Q1. Buzzfeed stock is currently up close to 150% versus the start of 2024.

Notable figures in Buzzfeed Q4 earnings release

• Lost $11,293 versus over $100,000 last year
• Per-share loss also narrowed from 43 cents to 3 cents
• Adjusted EBITDA printed at $15.1 million in Q4
• Revenue declined 26% year-over-year to $75.7 million
• Consensus was 6 cents a share on $104.6 million in revenue
• Ended the quarter with $36 million of cash and equivalents

Buzzfeed saw its advertising and content revenues tank 25% and 34%, respectively, as per the earnings report. CEO Peretti also said on Monday:

Last month, $BZFD sold "Complex" to NTWRK in a $108 million all-cash deal.