By Katherine Hamilton
BuzzFeed shares rose after it said it completed strategic changes and shared plans for the future of its business.
The stock advanced 15% to $2.25 after the market closed Thursday. It has gained 22% a over the 12 months.
The digital media company said it completed strategic and organizational changes and reduced debt. It is launching a social platform called BF Island, which it plans to start testing as a private beta version in the second quarter. It's also prioritizing its programmatic advertising, affiliate commerce and artificial intelligence-driven businesses.
BuzzFeed said in 2023 it was shuttering its primary news business.
It posted a loss of 10 cents a share in the three months ended Dec. 31, compared with a profit of 13 cents a share the year before.
Revenue fell 20% to $56.2 million. Advertising sales declined, reflecting the company's pivot away from direct-sold advertising and into programmatic ads.
In 2025, BuzzFeed expects to make $195 million to $210 million in revenue. That would be a 3% to 10% increase, it said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 13, 2025 19:22 ET (23:22 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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