BuzzFeed, which billed itself as a tech company when it went public last fall, with a $1.5 billion valuation to match — is finding that delivering profits in e-commerce is more challenging than expected.
In its first quarterly earnings this week, BuzzFeed reported that commerce revenue actually fell 26% to $16.7 million in Q4 — generally the biggest quarter especially for commerce companies. And the company has removed last year’s pitch deck from its investor relations site — the one where it projected $117 million in profit by the end of 2022, mostly from e-commerce, and targeted e-commerce revenue to hit $330 million by 2024.