Shares of BuzzFeed gained after the company narrowed its second-quarter loss and said it is beginning to bear the fruits of its new rollouts.
The stock BZFD-3.03% rose 19.6%, to $2.68, in after-hours trading Monday. Shares ended the regular session down 3% at $2.24, putting them up 124% since the beginning of the year.
Chief Executive Jonah Peretti said the company has launched generative artificial-intelligence features, interactive content formats and enhanced personalization. These new technologies have increased user engagement, accelerated the pace of new product development and made the company’s content creators more efficient and creative, he said.
The New York digital media company in the second quarter narrowed its net loss to $7.5 million, or 18 cents a share, compared to a loss of $27.8 million, or 63 cents a share, last year. The improvement was largely due to decreased costs.
Revenue fell 24% to $46.9 million. Losses in the company’s advertising and content units were partially offset by a rise in revenue from its commerce segment.