Investor Alert

New York Markets Open in:

Dow Jones Newswires

May 16, 2022, 4:38 p.m. EDT

BuzzFeed 1Q Loss Widened as Expenses Jumped

By Jeffrey T. Lewis

BuzzFeed Inc.'s loss widened in the first quarter from a year earlier after costs jumped higher.

The New York-based digital media company reported a net loss attributable to Buzzfeed of $44.9 million, compared with a loss of $11.4 million in the first quarter of 2021. The loss per share reached 33 from 75 cents, and revenue rose to $91.6 million from $72.6 million. Total costs and expenses increased to $126.9 million from $89.2 million.

The figures undershot the market consensus. The median forecast of analysts surveyed by FactSet was for revenue of $94.5 million and a loss of $29.2 million in the first period.

BuzzFeed said it expects overall revenue to grow by a low 20s percentage in the second quarter from a year earlier, and to have adjusted earnings before interest, taxes, depreciation and amortization in a range from $2 million to $7 million in the three months through June.

BuzzFeed's shares started trading publicly in December of last year after merging with a special purpose acquisition company.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

Link to MarketWatch's Slice.