$BZFD reports Q4 FY22 results, reports decline in Time Spent, revenue stream details
Mar 13th 2023, 8:37 pm
Analyst Summary: BuzzFeed Inc. announced its Q4 and full year 2022 financial results, reporting a 41% decline in overall Time Spent to 624 million hours. BuzzFeed acquired Complex Networks and added its results as of December 2021. Revenues were reported across three primary business lines: Advertising, Content and Commerce, and other. Advertising revenues consist primarily of payments the company receives from advertisers for ads distributed against editorial and news content, including display, pre-roll and mid-roll video products sold both directly to brands and programmatically. Content revenues consist primarily of payments received from clients for custom assets, including both long-form and short-form content, and commerce and other revenues consisting mostly of affiliate commissions earned on transactions initiated from editorial shopping content. The company also generates other revenues from the production of live and virtual events. BuzzFeed attributed the incremental business from complex to the rise in content revenues. CEO, Jonah Peretti stated, "As we work to address these challenges, our value proposition continues to resonate strongly in the marketplace." The company is positive on the future, and the forward-looking statements primarily highlight the uncertain macroeconomic environment, technological developments, national and local economic conditions, and global supply chain disruptions. Adjusted EBITDA margin and Adjusted EBITDA are non-GAAP financial measures and are included at the end of the release.