Market News

BZFD Tanks on Big Q4 Miss

Shares of digital media services provider BuzzFeed (NASDAQ:BZFD) are tanking today after the company’s fourth-quarter numbers disappointed investors.

Revenue declined 7.6% year-over-year to $134.6 million but managed to come in ahead of expectations by nearly 3.4 million. Net loss per share at $0.75 though missed the cut by a whopping $0.72. The company saw a decline in advertising as well as content revenue. Commerce and other revenue, on the other hand, witnessed healthy growth.

Looking ahead, for Q1 2023, the company expects revenue to range between $61 million and $67 million. Adjusted EBITDA loss is anticipated to hover between $18 million and $25 million.

Overall, Wall Street has a consensus price target of $2 on BZFD, implying a 72% potential upside in the stock. That’s after a nearly 73% slide in BZFD shares over the past year.

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