Buzzfeed Inc ( (BZFD) ) has released its Q3 earnings. Here is a breakdown of the information Buzzfeed Inc presented to its investors.
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BuzzFeed Inc., a leading digital media company known for its blend of pop culture, entertainment, and news content, has reported a strong third-quarter financial performance characterized by significant growth in key revenue streams. The company, which leverages technology to drive audience engagement across multiple platforms, continues to outpace its competitors in audience time spent.
In its latest earnings report, BuzzFeed announced a notable increase in profitability for the third quarter of 2024. The company achieved net income from continuing operations of $2 million and an Adjusted EBITDA of $11 million, surpassing its previous outlook. Revenue for the quarter rose by 7% year-over-year, driven by impressive growth in affiliate commerce and programmatic advertising revenues.
Key financial highlights include a 53% surge in affiliate commerce revenue, marking BuzzFeed’s most successful Prime Day ever. Programmatic advertising revenue also saw a 9% increase, contributing to the overall revenue growth. Despite a slight decline in advertising and content revenues, BuzzFeed’s strategic focus on scalable, tech-driven revenue streams has proven effective, as reflected in its improved net income and Adjusted EBITDA.
The company also reported a 2% year-over-year increase in audience time spent, reaching 80 million hours, which highlights its success in engaging millennial and Gen Z audiences. BuzzFeed’s ongoing efforts to build audience loyalty and enhance user engagement are evident from the growth in logged-in and loyal users during the quarter.
Looking ahead, BuzzFeed’s management remains optimistic about maintaining consistent topline growth and expanding profitability. With a robust strategy centered around its high-margin revenue streams, the company is well-positioned to navigate the evolving digital media landscape and deliver sustained value to its stakeholders in the coming years.
