BuzzFeed Q2 Revenue Plunges 22%, Withdraws Quarterly Guidance Amid Restructuring
BZFD has more than doubled off its 52-week low of $0.54 on light trading volume (0.2× avg).
Summary
BuzzFeed's Q2 revenue cratered 22% to $36.3M, missing the lone analyst estimate by nearly $7M. Adjusted EBITDA swung to a $1.7M loss against expectations of a small profit, and the company reported a wider Q2 loss. The company is deep in restructuring under new CEO Byron Allen, cutting unsustainable costs and shifting to a platform model. Withholding quarterly guidance adds uncertainty—management is only offering full-year targets. Shares fell 8% after hours. This follows the $120M rescue financing and change of control in May, which already signaled severe distress. The revenue miss and guidance pullback confirm the turnaround is far from stabilizing.
At the time of this announcement, BZFD was trading at $1.12 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $48.8M. The 52-week trading range was $0.54 to $2.21. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.