Welcome to our dedicated page for BuzzFeed news (Ticker: $BZFD), a resource for investors and traders seeking the latest updates and insights on BuzzFeed stock.
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BuzzFeed (Nasdaq: BZFD) has announced a new compensation model aimed at driving value creation. CEO Jonah Peretti is shifting to a majority stock-based compensation package, reducing his cash-based pay. Senior executives will also receive stock incentives at the current strike price, aligning their interests with shareholders. Peretti believes this approach mirrors a startup mentality, important during technological inflection points. As BuzzFeed enters the GenAI era, the company expects significant value creation in the upcoming years, leveraging early AI adoption benefits. Further details are available in the Form 8-K filed with the SEC.
BuzzFeed (Nasdaq: BZFD) announced its first quarter 2024 financial results, aligning with its March outlook. Revenue fell to $44.8 million, an 18% year-over-year decline, with advertising and content revenues down 22% and 19% respectively. The net loss from continuing operations improved slightly to $26.6 million from $29.4 million in Q1 2023, while adjusted EBITDA loss saw a $7 million improvement to $11.3 million. Despite these financial declines, direct traffic to BuzzFeed's owned properties increased by 3% compared to Q4, and engagement among loyal users deepened. BuzzFeed's programmatic advertising revenue grew for the third consecutive quarter, and the introduction of the AI Content Generator showed significant user engagement. Second quarter 2024 revenue is projected to be between $44 and $49 million, a 21% to 30% year-over-year decline, with adjusted EBITDA ranging from a $4 million loss to a $1 million gain.
BuzzFeed, Inc. announced a 1-for-4 reverse stock split of its Class A and Class B common stock to ensure continued listing on Nasdaq. The split will be effective on May 6, 2024, to increase the bid price of the company's common stock. The reverse split will not change the total authorized number of shares but will reduce outstanding shares significantly. Additional adjustments will be made to warrants, options, and other stock-related instruments.