The digital media company saw advertising and content revenues fall as total revenue dropped 8 percent to $134.6 million and a steep non-cash goodwill impairment charge was recorded.
Digital media company BuzzFeed swung to a fourth-quarter loss on reduced overall revenues and a non-cash goodwill impairment charge.
BuzzFeed brought in $134.6 million in overall revenues during the fourth quarter. The digital media company ended the quarter with $106 million in net losses, compared to a year-earlier profit of $41.5 million.
During the latest quarter, BuzzFeed posted a non-cash goodwill impairment charge of $102.3 million, in part due to a steep decline in the value of the company’s stock price in December 2022.
Content accounted for $54.7 million of the company’s revenue, down 9 percent year-over-year, while advertising revenue fell 27 percent to $50.5 million during the latest quarter, and commerce revenue brought in $29.3 million during the fourth quarter, up 76 percent year-over-year.