BUZZFEED Reports Financial Results for Second Quarter of FY2023
August 13, 2023
🌥️Earnings Overview
BUZZFEED ($NASDAQ:BZFD) reported total revenue for the second quarter of FY2023 at USD 77.9 million on August 8 2023, representing a decrease of 27.0% from the same quarter of the prior year. Net income for this period was USD -27.8 million, compared to the year-over-year deficit of -23.8 million as of June 30 2023.
Stock Price
The stock opened at $0.6 and closed at the same price, down by 2.4% from its prior closing price of 0.6. Hopefully the company can continue to make strides to improve its finances for its upcoming quarters. BUZZFEED_Reports_Financial_Results_for_Second_Quarter_of_FY2023″>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 conducted a fundamental analysis of BUZZFEED. According to our Star Chart, BUZZFEED has an intermediate health score of 4/10 concerning its cashflows and debt. This suggests that the company is likely to pay off its existing debt and fund future operations. We have classified BUZZFEED as a ‘sloth’ – companies that have achieved revenue or earnings growth slower than the overall economy. Given these results, we believe that investors interested in BUZZFEED must be aware of its strengths and weaknesses. On one hand, BUZZFEED is strong in areas like marketing and customer service. On the other hand, it is medium in profitability and weak in areas such as asset management, dividend payment, and growth potential. Thus, investors should weigh these factors before deciding whether to invest in BUZZFEED. 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
The second quarter of FY2023 for BUZZFEED saw total revenue decrease by 27.0% year-over-year to USD 77.9 million. Net income was USD -27.8 million, representing a wider loss than the year-over-year loss of -23.8 million. This could indicate a bleak outlook for potential investors, as the company is unable to turn around its losses.
However, the long-term potential of the company should still be explored, as there may be some opportunities to turn the company into a profitable enterprise. Investing in BUZZFEED could be a risky endeavor, but it may prove to be rewarding for those willing to take a chance.
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