24/7 Market News Snapshot 12 Aug 2024 – BuzzFeed, Inc. Class A Common Stock (NASDAQ: BZFD)

August 12, 2024 3:40

Press Release

DENVER, Colo., 12 August, 2024 (247marketnews.com) – (Nasdaq:BZFD) are discussed in this article.
In today’s trading session, BuzzFeed, Inc. Class A Common Stock (BZFD) experienced a substantial price surge, opening at $2.30 and demonstrating significant bullish momentum. Despite closing slightly lower at $2.24, the stock exhibited a remarkable 27.14% increase from its opening price. The trading volume soared to 1.1 million shares, highlighting the intense market interest and robust investor confidence in BuzzFeed, potentially marking the onset of a powerful upward trend. This movement reinforces BuzzFeed’s position as a stock to watch, driven by market optimism and significant buying activity.

BuzzFeed, Inc., a leading digital media company, also announced improved financial results for the second quarter ending June 30, 2024. Key financial highlights include a 3% year-over-year increase in programmatic advertising revenue, reaching $16.0 million, and a 9% rise in affiliate commerce revenue, amounting to $10.4 million. The company’s Adjusted EBITDA stood at $2.7 million, reflecting a significant improvement compared to a loss of $2.2 million in the same period of the previous year.

BuzzFeed distinguished itself from competitors by boosting audience time spent in Q2 compared to Q1, particularly among core demographics such as Millennials and Gen Z, with an 11% increase in engagement. CEO Jonah Peretti attributed this success to strategic investments in a robust technology platform that has accelerated AI product development, enriched user interactivity and personalization, and amplified content creation through AI-powered tools.

Direct traffic referrals constituted 90% of the total audience time spent on BuzzFeed and HuffPost, showcasing strong user loyalty. The number of loyal users, defined as those returning more than once in a week, saw an 11% boost since Q4 2023.

Looking ahead, BuzzFeed forecasts revenues in the range of $58 million to $63 million for the third quarter of 2024, with Adjusted EBITDA anticipated between $6 million and $11 million. This guidance reflects continued confidence in the company’s strategic direction and operational resilience.

BuzzFeed remains committed to pioneering advancements in digital media for the AI era, aiming to redefine the future of content creation and consumption through innovative strategies and technological advancements.

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