BuzzFeed, Inc. (NASDAQ:BZFD) Q4 2022 Earnings Call Transcript

Brent Navon: Okay. I guess, that’s good to hear at least on the advertising side than insulin potentially worse? And then just on the on the cost savings. Obviously, you guys have announced several efforts there. I mean is there — do you guys see any more opportunities for you on the cost reduction side? — if need be? Or are you sort of — do you think that you’re okay with what you’ve done so far? Do you think there’s more potentially that could be there to improve profitability as well?

Felicia DellaFortuna: Yes. I mean the restructuring that we performed at the end of 2022 was dictated by how the market played out and our operational needs. But of course, we cannot control the pace at which the market is going to shift. And Basil has historically been adaptable to change, both from an industry perspective, from a macro perspective, have been operating a business for more than 15 years, and we are committed to continue to focus on execution. Moving forward, we do see opportunities to drive gross margin improvements over the course of 2023 by further optimizing our product mix and cost structure.

Operator: This concludes the question-and-answer session. I would like to turn the conference back over to CEO, Jon Poretti, for closing remarks.

Jonah Peretti: Thanks, everyone, for joining us. We look forward to speaking with many of you in the coming workout weeks and stay tuned for more information on our upcoming virtual Investor Day on Thursday, May 11. Thanks.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.