: BuzzFeed stock drops on forecast; ‘majority’ of cash at Silicon Valley Bank


BuzzFeed Inc. BZFD, -0.78% shares dropped in the extended session Monday after the media company reported a revenue forecast that fell short of expectations and said the majority of its cash was held at Silicon Valley Bank. BuzzFeed shares fell as much as 9% after hours, following a 0.8% decline in the regular session to close at $1.28. The company said it expects first-quarter revenue between $61 million and $67 million, when analysts surveyed by FactSet had forecast $83.6 million. For the fourth quarter, BuzzFeed reported revenue of $134.6 million while analysts had forecast $131.2 million. The company also said it ended the year with cash and cash equivalents of about $56 million, and that as of Friday the majority of its cash was at Silicon Valley Bank.

This article was originally published by Marketwatch.com. Read the original article here.

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