BuzzFeed rises after net loss narrows in second-quarter

BuzzFeed

12/08/2024 21:51

** Shares of digital media company BuzzFeed  BZFD.O  rise
28.2% to $2.91 in extended trading  
    ** BZFD posts net loss, attributable to common stockholders,
of $6.6 mln in Q2, compared with $22.5 mln net loss a year
earlier
    ** Q2 revenue declines 24% to $46.9 mln, from a year earlier
    ** Commerce and other revenues grew 7% YoY to $11.7 mln
    ** Company expects Q3 revenues between $58 mln and $63 mln,
or about 3% lower to 5% higher than Q3 2023
    ** "We are beginning to see the benefits of our investment
in a differentiated technology platform that allows us to
accelerate AI product development" - CEO and founder Jonah
Peretti 
    ** Up to last close, stock has more than doubled YTD 

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))