$0.508
-0.047 (-9.25%)收盘时
BZFD 资讯
BZFD 事件
BuzzFeed Expects Restructuring to Save $30 Million
"This was a transitional quarter. The restructuring we announced in July reduced our workforce and dedicated contractors by approximately 35% and we expect this to yield approximately $30 million in annualized savings," said Byron Allen, BuzzFeed Chairman and CEO. "At the core of BuzzFeed, Inc. are three very popular brands with engaged audiences. In the fourth quarter, our strategy is to bring compelling content to audiences wherever they are-across digital platforms and connected TV-as we work to position BuzzFeed to be a premier global free streaming platform. On tomorrow's call, I'll discuss our results and growth strategy in more detail."
Company Focuses on Full-Year Operational Targets
The company said, "Given the transformation underway, we are focused on full-year operational targets rather than quarterly guidance. As the restructuring and platform transition progresses, we expect to provide investors with a more complete financial outlook."
BuzzFeed Q2 Revenue Down 21.8%
Reports Q2 revenue $36.3M, down 21.8% sequentially. "BuzzFeed, Tasty, and HuffPost are strong, recognizable brands that have loyal users, but we made it clear on our last earnings call that these businesses were carrying an unsustainable cost structure, and a restructure was immediately needed," said Byron Allen, BuzzFeed Chairman and CEO. "As such, we recently took steps to significantly reduce costs to better align our cost base with the underlying business, giving us the foundation to grow. I'm also excited to share that BuzzFeed has entered into a sales representation agreement with Allen Media Group ("AMG"), engaging AMG's sales organization to expand monetization of BuzzFeed's advertising inventory and give brands and agencies another point of entry to build campaigns spanning premium television, streaming, local broadcast, and digital-first media. I'm energized by what we're building at BuzzFeed, and by the path we're now on towards sustainable profitability, positive cash flow, and disciplined investment in our highest-growth priorities."
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