Digital media company BuzzFeed (NASDAQ:BZFD) reported first quarter financial results after market close Monday. Here are the key highlights for investors.
What Happened: BuzzFeed generated revenue of $92 million in the first quarter, up 26% year-over-year. The total came in shy of a consensus estimate of $94.5 million, according to data from Benzinga Pro.
Advertising revenue was $48.7 million in the quarter, up 26% year-over-year. Content revenue was up 65% to $32.3 million. Commerce segment revenue was $10.6 million in the quarter, down 27% year-over-year.
The company had a net loss of $44.6 million and ended the first quarter with $74.5 million in cash.
BuzzFeed said time spent on its properties was 184 million hours in the first quarter, down 4% year-over-year.
“I’m incredibly proud of all that our team accomplished in the first quarter,” BuzzFeeed Founder and CEO Jonah Peretti said. “(We) delivered first quarter revenue and adjusted EBITDA in line with the outlook that we shared in March.”
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What’s Next: BuzzFeed is estimating second-quarter revenue will increase in the low 20% range on a year-over-year basis. The company expects second-quarter adjusted EBITDA to come in a range of $2 million to $7 million.
“BuzzFeed Inc is increasingly well positioned to serve the growing demand for brand-safe culturally relevant content, deepen our competitive moats, and help shape the next generation of the internet,” Peretti said.
BZFD Price Action: BuzzFeed shares are down 3.5% to $3.56 after hours Monday. Shares have traded between $3.62 and $14.77 over the last 52 weeks.
