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
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | $26.03 mln | ||
Q3 Net Loss | $18.66 mln | ||
Q3 Adjusted EBITDA | -$4.76 mln | ||
Q3 Income From Operations | -$17.46 mln | ||
Q3 Pretax Loss | $18.37 mln |
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
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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.)