BUZZFEED Reports Earnings Results for Second Quarter of FY2023
August 11, 2023
🌥️Earnings Overview
On August 8 2023, BUZZFEED ($NASDAQ:BZFD) reported its Q2 FY2023 earnings results, for the period ending June 30 2023. The total revenue was USD 77.9 million, a 27.0% decrease from the same quarter of the prior year. Net income was -27.8 million, versus a net loss of -23.8 million in Q2 FY2022.
Share Price
On Tuesday, BUZZFEED reported their earnings results for the second quarter of FY2023. The company opened at $0.6 and closed at $0.6, down by 2.4% from the previous closing price of 0.6. The decrease in stock price indicates a lack of investor confidence and a potential downward trend in the company’s financial performance. Going forward, BUZZFEED will need to focus on diversifying its revenue sources and cutting costs in order to increase its profitability and ride out this period of market volatility. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Buzzfeed. More…
| Total Revenues | Net Income | Net Margin |
| 383.41 | -196.13 | -23.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Buzzfeed. More…
| Operations | Investing | Financing |
| -11.79 | -15.78 | 1.42 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Buzzfeed. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 446.42 | 312.79 | 0.93 |
Key Ratios Snapshot
Some of the financial key ratios for Buzzfeed are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 11.2% | – | -45.6% |
| FCF Margin | ROE | ROA |
| -7.4% | -76.4% | -24.5% |
Analysis
At GoodWhale, we have made an analysis of BUZZFEED‘s fundamentals. According to our Star Chart, BUZZFEED is classified as ‘sloth’, meaning that it has achieved revenue or earnings growth slower than the overall economy. This suggests that the most likely type of investor to be interested in BUZZFEED would be risk-averse investors seeking a steady return on their investment. BUZZFEED also receives an intermediate health score of 4/10 considering its cashflows and debt, which indicates that the company is likely to safely ride out any crisis without the risk of bankruptcy. We also concluded that BUZZFEED is strong in liquidity, medium in profitability and weak in asset, dividend, and growth. These factors all suggest that BUZZFEED may be an attractive investment for those more conservative investors who are seeking a steady return on their funds. More…
Peers
In today’s online world, there are a number of companies vying for the attention of internet users. Among them are BuzzFeed Inc and its competitors Chicken Soup for the Soul Entertainment Inc, Paramount Global, and Jishi Media Co Ltd. While each company has its own strengths and weaknesses, they all are fighting for a piece of the online pie.
– Chicken Soup for the Soul Entertainment Inc ($NASDAQ:CSSE)
Soup for the Soul Entertainment Inc has a market cap of 133.3M as of 2022, a Return on Equity of -59.33%. The company is in the business of providing streaming video content. The company’s revenue for the year ended December 31, 2020 was $19.4 million, an increase of $4.4 million, or 29%, from $15.0 million for the year ended December 31, 2019. The company’s net loss for the year ended December 31, 2020 was $12.6 million, or $(0.54) per share, compared to a net loss of $8.0 million, or $(0.43) per share, for the year ended December 31, 2019.
– Paramount Global ($NASDAQ:PARA)
Paramount Global has a market cap of 12.64B as of 2022, a Return on Equity of 18.54%. Paramount Global is a leading provider of global education and training solutions. The company offers a comprehensive range of services and products that enable individuals and organizations to achieve their educational and training goals. Paramount Global’s services and products are delivered through its network of offices and affiliates in more than 40 countries.
– Jishi Media Co Ltd ($SHSE:601929)
Jishi Media Co Ltd is a media company with a focus on online video and film production. The company has a market cap of 5.94B as of 2022 and a Return on Equity of -0.21%. Jishi Media Co Ltd has a strong presence in the online video market with a number of successful productions under its belt. The company is also active in the film production market, with a number of films in development and production.
Summary
BuzzFeed reported its second quarter FY2023 results on August 8 2023, with total revenue of USD 77.9 million and a net loss of -27.8 million. This significant decline in revenue and profitability of the company could be a cause for concern for investors. Going forward, it is important for BuzzFeed to identify strategies that can increase its revenue and profitability in the near-term, as well as in the long-term.
