BuzzFeed 3Q Revenue Rises on Prime Day Performance

Dow Jones11-13

By Kailyn Rhone

BuzzFeed posted higher revenue in the third quarter driven by its Prime Day performance.

The New York digital media company on Tuesday posted net income of $2 million, or 5 cents a share, compared with a loss of $12 million, or 33 cents a share, in the prior-year period.

Revenue rose 7% to $64.3 million from around $60 million a year earlier. Advertising revenue fell 3% to $26.1 million, while content revenue dropped 7% to $17.4 million.

Affiliate commerce revenue grew 53% to $19.6 million, driven by the company's successful Prime Day in July.

Total costs and expenses fell to $60.7 million from $66.7 million in the same period last year.

Founder and Chief Executive Jonah Peretti said that its strong quarterly results have positioned the company to "deliver consistent topline growth and expanded profitability in 2025 and beyond."

BuzzFeed's stock rose 13% to $3.40 after market close Tuesday. For the year, stock is up 200%.

Write to Kailyn Rhone at kailyn.rhone@wsj.com

(END) Dow Jones Newswires

November 12, 2024 17:06 ET (22:06 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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