Tue, May 14, 9:22 PM (232 days ago)
BuzzFeed, Inc.'s Form 10-Q for the quarter ended March 31, 2024, reveals several key financial metrics and operational highlights. The company reported a net loss of $35.8 million, with a net loss from continuing operations of $26.6 million. Revenue decreased by 18% year-over-year to $44.8 million, driven by declines in advertising, content, and commerce revenue. Cost of revenue, excluding depreciation and amortization, decreased by 17% to $31.1 million, reflecting prior cost-saving actions. Sales and marketing expenses dropped by 23% to $9.1 million due to reduced compensation and travel costs. General and administrative expenses fell by 24% to $16.2 million, while research and development expenses remained flat. The company also incurred $2.9 million in restructuring costs related to workforce reductions. The company faces liquidity challenges, with unrestricted cash and cash equivalents of $44.5 million and an accumulated deficit of $647.5 million. BuzzFeed repaid $30.9 million of its $150 million convertible notes, leaving $119.1 million outstanding. The company also terminated its revolving credit facility, except for $15.5 million in letters of credit, which were cash collateralized. BuzzFeed's stock price remained below Nasdaq's $1.00 minimum bid requirement, risking delisting. The company is exploring debt restructuring and additional capital sources to address its financial needs.