BZFD - BuzzFeed gains 5% as it reaffirms guidance amid layoff plans

• BuzzFeed stock ( NASDAQ: BZFD ) has gained 4.8% after hours as the company reaffirmed quarterly guidance a day after the company said it would implement cost restructuring that would include laying off about 12% of the workforce.
• After the restructuring announcement, the company confirmed it wasn't changing its fourth-quarter outlook for overall revenues of $129M-$134M, and for adjusted earnings before interest, taxes, depreciation and amortization of $12.5M-$17.5M.
• Consensus expectations are for BuzzFeed to draw $131.3M in revenues.
• “Successful execution against our plans will enable us to invest in areas that will drive growth and build a more robust creator business," said founder/CEO Jonah Peretti.
• "This plan also represents a proactive step to ensure the company is set up to accelerate execution and deliver strong business results into 2023," he added.
• The stock fell 6.1% Tuesday (and slipped another 1.9% Wednesday) following the cost-cut announcement .

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