BuzzFeed Q3 revenue drops; co defers FY guidance as it restructures expenses after workforce reduction

Overview

• Digital media firm's Q3 revenue fell 44% yr/yr

• Company posted net loss and negative adjusted EBITDA for the quarter

• Company cut workforce by 35% in July restructuring, targeting $30 mln in annualized savings

Outlook

• BuzzFeed is deferring its full-year 2026 financial outlook

• Company aims to expand content distribution across digital platforms and connected TV in Q4

• Company expects about $30 mln in annualized savings from July restructuring

Result Drivers

• RESTRUCTURING COSTS - Co said July workforce reduction led to restructuring expenses in Q3, with expected future savings

• TRAFFIC SOURCES SHIFT - Co said increased share of direct visits and internal referrals reduced reliance on external platforms

Company press release:

Key Details

Analyst Coverage

• Wall Street's median 12-month price target for BuzzFeed, Inc. is $1.00, about 8.6% above its November 4 closing price of $0.92

Reuters Recommended Reads

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)