BuzzFeed announces Q2 2022 financial results

BuzzFeed say that results are in line with their May outlook for revenue and adjusted EBITDA. They add that Q2 revenue grew 20% year-over-year to $107 million, surpassing $100 million to mark highest-ever Q2.

BuzzFeed report highlights as follows:

Second Quarter 2022 Financial and Operational Highlights

• Including Complex Networks in the 2022 results, BuzzFeed increased revenues to $106.8 million, growing 20% compared to the second quarter of 2021
• Advertising revenue, consisting of payments we receive from advertisers for ads distributed against our editorial and news content, including display and pre-roll, grew 11% year-over-year to $53.2 million
• Content revenue, consisting of payments received from clients for custom assets, including both short-form and long-form and content from branded quizzes to Instagram takeovers to feature films, grew 66% year-over-year to $40.3 million
• Commerce and other revenues, which includes affiliate marketplace, product licensing and events revenue, declined 22% year-over-year to $13.3 million
• Net loss was $23.6 million, compared to a net loss of $0.8 million in the second quarter of 2021
• Adjusted EBITDA2 was $2.1 million, compared to Adjusted EBITDA of $5.6 million in the second quarter of 2021
• Time spent declined 19% year-over-year to 154 million hours across our owned and operated properties as well as third-party platforms
• BuzzFeed ended the second quarter with cash and cash equivalents of approximately $68.2 million

“I’m incredibly proud of what BuzzFeed, Inc. accomplished in the second quarter,” said Jonah Peretti, BuzzFeed founder & CEO. “Our teams demonstrated focus and resiliency during a rapid shift to short-form vertical video and increasing macroeconomic uncertainty, delivering revenue and Adjusted EBITDA in line with our May outlook. Against this backdrop, our value proposition for advertisers and platforms is stronger than ever."

Mr. Peretti concluded, “At the same time, we expect recession concerns to continue putting pressure on advertising, and we're prepared for what comes next. We've navigated multiple economic downturns and seismic industry shifts. I am confident we’ll do so again, positioning the company for long-term growth and monetization.”

You can read the full report here.