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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.