BuzzFeed (NASDAQ:BZFD) reported a sharp decline in third-quarter revenue and a net loss as the digital media company worked through a restructuring that reduced its workforce and dedicated contractors by approximately 35%.
Revenue for the three months ended Sept. 30, 2026, fell to $26 million from $46.3 million a year earlier, a decline of about 44%. Chief Financial Officer Matt Omer noted that the prior-year quarter included approximately $7 million in revenue related to Amazon Prime Day, which did not occur in the third quarter of 2026.
The company reported a net loss of $18.7 million and adjusted EBITDA, a non-GAAP measure, of negative $4.8 million. Omer said the quarter included $7.1 million in one-time restructuring expenses.
Restructuring and revenue
BuzzFeed completed the workforce and dedicated contractor reduction in July. Omer said the restructuring is expected to generate approximately $30 million in annualized savings, while costing about $7 million in one-time expenses.
More than half of the severance and related payments were made in the third quarter, with the remainder largely expected to be paid in the fourth quarter, Omer said. The restructuring caused a short-term reduction in content production as the company streamlined operational teams, he added.
Omer said the reduction in content was reflected in lower Time Spent, passive advertising and affiliate commerce. Total Time Spent for the third quarter was 50.7 million hours.
Advertising revenue was $15.4 million, content revenue was $5.8 million, and commerce and other revenue was $4.8 million.
Omer said BuzzFeed was deferring its financial outlook while it continued to integrate changes following the Allen Family Digital transaction in May and the restructuring announced in July. He said the company was focused on developing more sustainable, cost-effective content and achieving profitability and positive cash flow.
Audience and streaming plans
Chairman and Chief Executive Officer Byron Allen said BuzzFeed, Tasty and HuffPost have engaged audiences, particularly among Gen Z and millennials. Across its portfolio, the company has more than 700 million social media followers, 75 million monthly active users and 2 billion monthly content views, he said.
Allen said BuzzFeed ranked first in Time Spent among Gen Z and millennials within its competitive set during the third quarter, generating 9.5 million hours, up 1.5% from the previous quarter. That figure is separate from the companywide Time Spent total reported by Omer.
Direct visits and referrals from the company’s websites and apps accounted for 67% of U.S. traffic to BuzzFeed’s owned and operated properties, up from 65% in the prior quarter. Allen described the increase as progress toward building direct audience relationships and reducing reliance on third-party platforms and algorithms.
Allen said BuzzFeed Studios plans a slate of new shows featuring creators and A-list talent for 2027. He also pointed to opportunities to expand video and streaming through live events, music, comedy, sports and news, and said the company was working toward becoming a global free streaming platform.
No analysts asked questions during the call’s question-and-answer session.
About BuzzFeed (NASDAQ:BZFD)
BuzzFeed, Inc (NASDAQ: BZFD) is a digital media company that develops and distributes news, entertainment, lifestyle and cultural content. Its content is published through websites, social media platforms, video services, newsletters and other digital channels, and is supported by advertising, content licensing, affiliate commerce and other commercial partnerships.
The company’s portfolio includes the BuzzFeed brand, HuffPost and Tasty. BuzzFeed produces editorial articles, quizzes, videos and social content, while HuffPost focuses on news, opinion, lifestyle and culture.
