Buzzfeed Stock Slides Ahead of Earnings: Retail Sentiment Upbeat

Shares of digital media company Buzzfeed ($BZFD) were down nearly 6% on Tuesday ahead of its third-quarter earnings, but retail sentiment turned positive.

Wall Street analysts expect the company’s earnings per share (EPS) to be around $0.24, according to MarketWatch.

In a previous earnings release, Buzzfeed said it expected Q3 overall revenues in the range of $58 million to $63 million, or about 3% lower to 5% higher than third quarter of 2023. Adjusted EBITDA, it said, would fall in the range of $6 million to $11 million, approximately $8 million higher year-over-year at the midpoint.

Retail sentiment on the stock turned ‘bullish’ (60/100) from ‘bearish’ (43/100) a day ago. Message volumes continued to be ‘high.’

In the second quarter, the company posted revenues of $46.9 million, down 24% from the year-ago quarter. Its advertising revenue declined 19% year-over-year to $23.8 million, while content revenue declined 48% year-over-year to $11.4 million.

Rye, N.Y.-based Buzzfeed is an independent media company behind BuzzFeed Studios, which produces original content across broadcast, cable, film and digital platforms, It also publishes BuzzFeed News and HuffPost.  In May, former US presidential candidate Vivek Ramaswamy reportedly bought a stake in Buzzfeed and asked for talks with its board, revving up the stock price.

Stocktwits users were upbeat on the stock.

Buzzfeed’s stock is up 133.7% year-to-date.

For updates and corrections, email newsroom@stocktwits.com

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