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BuzzFeed Inc. (BZFD+0.06%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reveals a decrease in total revenue to $189.9 million from $230.4 million in the prior year, primarily due to declines in advertising and content revenue.
Advertising revenue dropped by 17% to $94.4 million, attributed to a decrease in direct sold advertising products.
Content revenue decreased by 49% to $33.9 million, driven by a reduction in branded content customers and studio revenue.
Commerce and other revenue increased by 23% to $61.7 million, mainly due to higher affiliate commission revenue.
The company reported a net loss from continuing operations of $34.0 million, an improvement from the $55.7 million loss in the previous year.
BuzzFeed's cost-cutting measures resulted in a 19% decrease in cost of revenue, excluding depreciation and amortization, to $105.1 million.
Sales and marketing expenses were reduced by 45% to $19.7 million, reflecting a leaner sales team and reduced marketing expenses.
General and administrative expenses decreased by 25% to $58.6 million, driven by lower rent, compensation, and professional fees.
BuzzFeed's cash and cash equivalents were reported at $38.6 million as of December 31, 2024, up from $35.6 million at the end of 2023.
The company continues to face challenges related to macroeconomic conditions impacting advertising demand, as well as uncertainties surrounding its convertible notes due in 2026.
BuzzFeed has undertaken restructuring efforts, including workforce reductions, to streamline operations and focus on profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BuzzFeed Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.