BuzzFeed (BZFD) 2026年第三季財報電話會議：營收降至2,600萬美元

重點摘要

• 2026 年第三季營收為 2,600 萬美元，低於 2025 年第三季的 4,630 萬美元。去年同期包含約 700 萬美元與 Amazon Prime Day 相關的營收，而 2026 年第三季則無類似活動。
• 廣告營收為 1,540 萬美元，內容營收為 580 萬美元，電商及其他營收為 480 萬美元。
• 淨損達 1,870 萬美元，其中包括 710 萬美元的一次性重組費用。調整後 EBITDA 為負 480 萬美元。
• BuzzFeed 於 7 月完成約 35% 的員工及專屬約聘人員裁減。管理層預期該重組將每年節省約 3,000 萬美元的年化成本。
• 該公司公布第三季總停留時間為 5,070 萬小時。在同業競爭範疇中，BuzzFeed 在 Z 世代與千禧世代的停留時間排名第一，達到 950 萬小時，季增 1.5%。
• BuzzFeed 在整合 5 月完成的 Allen Family Digital 交易案與 7 月重組之際，暫緩提供財務展望。

核心財務數據

2025 年第三季營收包含約 700 萬美元與 Amazon Prime Day 相關的營收。2026 年第三季則無 Amazon Prime Day 的貢獻。

業務與營運表現

BuzzFeed 表示，其旗下品牌組合擁有超過 7 億名社群媒體追蹤者、7,500 萬名月活躍用戶，以及每月 20 億次內容瀏覽量。其核心品牌包括 BuzzFeed、Tasty 和 HuffPost。

來自網站與應用程式的直接造訪及推薦流量，占 BuzzFeed 自營平台美國流量的 67%，高於上一季的 65%。管理層表示，這反映了在建立直接受眾關係以及減少對第三方平台和演算法依賴方面的進展。

該公司於 7 月完成約 35% 的員工及專屬約聘人員裁減。由於營運團隊精簡，此次重組暫時減少了內容產出，進而影響了停留時間、被動廣告及導購電商業務。

BuzzFeed 計劃擴大其優質內容、影片與社群媒體營運，並預計於 2027 年推出由創作者與一線知名人士參與的新節目。管理層亦將現場活動、音樂、喜劇、體育、新聞、聯網電視 (CTV) 及直式影片視為具發展機會的領域。

管理層指引

管理層預期該重組將以約 700 萬美元的一次性成本，帶來約 3,000 萬美元的年化節省。相關資遣費及其他現金支出已有半數以上於第三季支付，其餘大部分預計將於第四季支付。

隨著持續整合 Allen Family Digital 交易案與 7 月的重組，BuzzFeed 暫緩提供更廣泛的財務展望。該公司表示，其營運重點在於更具永續性且具成本效益的內容、獲利能力以及正向現金流。

風險與關注領域

重組導致內容產出短期下滑，並影響了停留時間、被動廣告與導購電商業務。剩餘的資遣費支付也將在第四季持續對現金流造成影響。

由於 2026 年第三季缺乏 Amazon Prime Day，營收的可比性受到影響。此外，該公司暫緩提供展望反映了整合近期策略與營運變革相關的不確定性。

財報電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

[Operator Instructions]

Please be advised that today's conference is being recorded. I would now like to hand the conference over to Matt Omer, Chief Financial Officer. Please go ahead.

Matt Omer

Hi everyone, welcome to BuzzFeed, Inc.'s third quarter 2026 earnings conference call. I'm Matt Omer, CFO of BuzzFeed. Joining me today is Chairman and CEO Jonah Peretti. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in the press release and the Form 10-Q to be filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

During this call, we present both GAAP and non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin. The use of non-GAAP financial measures allows us to measure the operational strength and performance of our business to establish budgets and to develop operational goals for managing our business. We believe adjusted EBITDA and adjusted EBITDA margin are relevant and useful information for investors because they allow investors to view performance in a manner similar to the method used by our management. A reconciliation of these GAAP to non-GAAP measures is included in the earnings press release. Please refer to our Investor Relations website to find the press release. Now, I'll pass the call over to [ Byron ].

Jonah Peretti

Good afternoon, everyone, and thanks for joining us. BuzzFeed, Tasty, and HuffPost are beloved, recognizable brands with loyal, direct audiences. I invested in BuzzFeed because I believe in these brands and their growth potential. As we previously discussed, however, our call to action is not yet complete. Cost structure needed to be aligned with the realities of today's market. At the core of our businesses are three popular brands with engaged audiences, particularly among Gen Z and Millennials. Across our portfolio, BuzzFeed, Inc. has more than 700 million social media followers, 75 million monthly active users, and 2 billion monthly content views, while HuffPost maintains a highly loyal direct audience.

In the third quarter 2026, BuzzFeed, Inc. ranked #1 in time spent among Gen Z and Millennials within our competitive set, generating 9.5 million hours, up 1.5% from the previous quarter. Direct visits and referrals from our websites and apps accounted for 67% of U.S. traffic to BuzzFeed's owned and operated properties in the third quarter, up from 65% in the prior quarter. This reflects our progress in building direct audience relationships and reducing our reliance on third-party platforms and their algorithms. On the BuzzFeed Studio side, we have an opportunity to unlock significant value for our shareholders and partners. BuzzFeed is growing its premium content, video, and social media businesses with a slate of new shows featuring top creators and A-list talent planned for 2027. And the vertical video content continues to have strong consumer demand. Our goal and our strategy this fourth quarter is to bring compelling content to audiences wherever they are, across digital platforms and connected TV.

We see opportunities to expand our video and streaming capabilities, including through live events, music, comedy, sports, and news. Ultimately, technology and distribution are only as valuable as the content they deliver. By combining our brands and storytelling capabilities, we believe we can engage audiences at scale and build new opportunities to monetize that engagement. I am completely energized by the progress we're making towards positioning BuzzFeed to be a premier global free streaming platform. Now I'll hand it over to Matt, our CFO, who will walk you through our third quarter financial results.

Matt Omer

Thanks, Jonah. The third quarter was a transitional quarter. We completed an approximate 35% reduction in our workforce and dedicated contractors in July. The restructuring is expected to yield approximately $30 million in annualized savings, but at a cost of $7 million in one-time expenses. From a cash perspective, more than half of the severance and related payments were paid in the third quarter, with the remainder largely to be paid in the fourth quarter. As expected, this restructuring resulted in a short-term decrease in the amount of content we generated as we streamlined operational teams. Short-term decrease in content generation is reflected in the decrease in time spent, along with passive advertising and affiliate commerce. We are laser-focused on innovating with more sustainable, cost-effective content and achieving profitability and positive cash flow. Turning to Q3 results. Total revenue for the three months ending September 30, 2026 was $26 million, compared to $46.3 million in Q3 2025.

However, it's important to note that Q3 2025 included approximately $7 million of revenue related to Amazon Prime Day, and there was no Amazon Prime Day in Q3 2026. So for the three months ending September 30, 2026, advertising revenue was $15.4 million. Content revenue was $5.8 million. And commerce and other revenue was $4.8 million. But once again, it's important to note that Q3 2025 included approximately $7 million of revenue related to Amazon Prime Day, and there was no Amazon Prime Day in Q3 2026. Net loss was $18.7 million in Q3 2026. Again, the third quarter reflected $7.1 million in one-time restructuring expenses.

Adjusted EBITDA was negative $4.8 million. Q3 2026 time spent was 50.7 million hours. Following a transformative year that included the Allen Family Digital transaction in May and the restructuring announced in July, we are deferring our financial outlook as we continue to integrate these changes. That's all for now. I'll turn the call back to the operator for questions. Thank you.

Operator

There are no questions right now in our Q&A session, so we will now be concluding our call. Thank you, everyone, for participating in today's conference. You may now disconnect the call. Thank you so much.

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