BuzzFeed, Inc. (NASDAQ:BZFD) Q3 2023 Earnings Call Transcript
BuzzFeed, Inc. (NASDAQ:BZFD) Q3 2023 Earnings Call Transcript November 5, 2023
Operator: Good day, and thank you for standing by. Welcome to the BuzzFeed, Inc. Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Amita Tomkoria, Senior Vice President of Investor Relations.
Amita Tomkoria : Hi, everyone. Welcome to BuzzFeed, Inc.'s third quarter 2023 earnings conference call. I'm Amita Tomkoria, Senior Vice President of Investor Relations. Joining me today are Founder and CEO, Jonah Peretti; President, Marcela Martin; and CFO, Felicia DellaFortuna. 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 today's press release, our 2022 annual report on Form 10-K, our Q1 and Q2 quarterly reports on Form 10-Q, and in our Q3 quarterly report on Form 10-Q to be filed tomorrow.
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 today's earnings press release.
An aerial view of a broadcasting company's television stations, showing the power of the company's media presence.
Please refer to our Investor Relations website to find today's press release along with our investor letter. And now I'll pass the call over to Jonah.
Jonah Peretti : Thank you, Amita. Good afternoon, everyone, and thank you for joining us today. We continue to operate in an unprecedented environment for digital media. Last quarter, I outlined some of the challenges facing digital media companies in the current platform ecosystem, namely the audience traffic referrals from the major platforms have diminished as they continue to prioritize their own vertical video formats amid intense competition for audience share. This has a direct impact on our ability to monetize content across our portfolio of brands. As you've seen by now, this has resulted in significant year-over-year revenue declines in Q3. However, Q3 also reflects the full benefit of the restructuring actions we announced earlier this year.
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