Buzzfeed (NASDAQ:BZFD) shares dropped Tuesday, after the internet media company issued a weak first-quarter revenue outlook. Buzzfeed guided for revenue of $61 to $67 million, compared to expectations of $83.6 million, according to FactSet. Otherwise, the firm beat sales expectations in its fourth quarter results.
Full-year net loss was $201.3 million, including a non-cash goodwill impairment charge of $102.3 million, compared to net income of $25.9 million in 2021
Adjusted EBITDA was $0.5 million, compared to Adjusted EBITDA of $41.5 million in 2021
BuzzFeed ended the year with cash and cash equivalents of approximately $56 million. As of March 10, 2023, the majority of the Company’s cash and cash equivalents balance were held at Silicon Valley Bank. However, in a joint statement released by the U.S. Department of the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation, the U.S. government reassured that all depositors will be fully protected. The Company is accessing its funds and does not currently anticipate any disruption to its ongoing operations.
Said CEO Jonah Peretti, “As we work to address these challenges, our value proposition continues to resonate strongly in the marketplace. With iconic brands, a massive audience and a differentiated technology platform, we occupy a unique position in the ecosystem of audiences, creators, platforms and advertisers. And, our work in the exciting new areas of creators and artificial intelligence are continuing to lead the way in defining the future of media.”
BZFD shares dumped 10 cents, or 7.8%, to $1.18.
