BuzzFeed Stock Soars After Q2 Results: Here's Why (CORRECTED)

(Editor’s Note: The original article incorrectly stated this was BuzzFeed’s third-quarter earnings when it was second-quarter earnings; and that overall revenues for the third quarter were between $58 million and $63 million, not $68 million.)

BuzzFeed, Inc. BZFD shares are trading higher Monday after the company posted better-than-expected second-quarter financial results.

The media company reported quarterly losses of 18 cents per share. That’s a 71.43% increase over losses of 63 cents per share from the same period last year. The company reported $46.9 million in sales this quarter, representing a 24.51% decrease year-over-year. 

BuzzFeed said advertising revenue declined 19% year-over-year to $23.8 million, and content revenue declined 48% year-over-year to $11.4 million. Commerce and other revenues grew 7% year-over-year to $11.7 million. That includes affiliate commerce revenues which grew 9% year-over-year to $10.4 million. 

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“Our strong performance in Q2 marks a turning point we’ve been working toward for the past two years,” said Jonah Peretti, BuzzFeed CEO. “We are beginning to see the benefits of our investment in a differentiated technology platform that allows us to accelerate AI product development, make our sites and apps more interactive and personalized, and increase the amount of content our team and audience can create using AI-powered tools.” 

Outlook: BuzzFeed expects third-quarter overall revenues of between $58 million and $63 million and adjusted EBITDA of between $6 million and $11 million for the quarter.  

BZFD Price Action: According to Benzinga Pro, BuzzFeed shares are up almost 30% at $2.90 at the time of publication Monday.

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Image: Matt Haughey via Flickr