Shulou(Shulou.com)11/24 Report--

Beijing time on March 14 morning news, well-known digital media BuzzFeed disclosed that the company's $56 million in cash "most" in the bankrupt Silicon Valley bank. This suggests that BuzzFeed's financial position would have been very fragile if US government agencies had not intervened after the collapse of Silicon Valley banks.

BuzzFeed disclosed this in its fourth quarter 2022 results. BuzzFeed's advertising revenue fell 27% year-on-year to $50.5 million in the quarter, according to the results. Meanwhile, "content revenue" fell 9% year-on-year to $54.8 million. Most of this revenue comes from customized content for marketers. Overall, BuzzFeed's fourth-quarter revenue was $134.6 million, down 8 per cent from a year earlier. Full-year 2022 revenue rose 10 per cent year-on-year to $436.7 million, with a net loss of $201.3 million.

BuzzFeed's outlook for the first quarter of 2023 is also poor, with total revenue expected to be $61 million-$67 million, down as much as 33 per cent from the same period in 2022. Jonah Peretti, chief executive of BuzzFeed, said in the earnings report that the negative factors affecting the company's business in the fourth quarter, that is, macroeconomic weakness dragged down advertisers' spending, will continue into the first quarter.

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