BuzzFeed Stock Soars After Q2 Results: Here's Why (CORRECTED)
Portfolio Pulse from Erica Kollmann
BuzzFeed, Inc. (NASDAQ:BZFD) shares surged nearly 30% after the company reported better-than-expected Q3 results. Despite a 24.51% decrease in sales year-over-year, the company showed a significant improvement in quarterly losses and highlighted growth in commerce and affiliate revenues. CEO Jonah Peretti emphasized the benefits of their investment in AI technology. BuzzFeed expects Q4 revenues between $58 million and $68 million and adjusted EBITDA between $6 million and $11 million.
August 12, 2024 | 8:42 pm
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BuzzFeed's stock surged nearly 30% following better-than-expected Q3 results. Despite a 24.51% drop in sales, the company showed a significant improvement in quarterly losses and growth in commerce and affiliate revenues. CEO Jonah Peretti highlighted the benefits of their AI technology investments.
The significant improvement in quarterly losses and growth in commerce revenues, despite a drop in overall sales, has positively impacted investor sentiment. The CEO's emphasis on AI technology investments further boosts the company's future outlook.
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