BZFD - Buzzfeed misses Q2 top and bottom line estimates; initiates Q3 outlook

2023-08-08 17:38:32 ET

• Buzzfeed press release ( NASDAQ: BZFD ): Q2 GAAP EPS of -$0.20 misses by $0.07 .
• Revenue of $77.9M (-27.0% Y/Y) misses by $0.51M .
• Adjusted EBITDA loss was $0.1 million, compared to Adjusted EBITDA of $2.1 million in the second quarter of 2022.
• Time Spent decreased 9% year-over-year to 96 million hours ^.
• BuzzFeed ended the period with cash and cash equivalents of approximately $41 million.
• Third Quarter 2023 Financial Outlook: We expect overall revenues in the range of $73 to $78 million vs. consensus of $91.79M.
• We expect Adjusted EBITDA in the range of $1 million in losses to $4 million in profits.

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