BuzzFeed says most of cash and cash equivalents held at SVB

BuzzFeed Inc said on Monday that most of its cash and cash equivalents were held at Silicon Valley Bank, which was shut down last week.

The digital media firm said it had about $56 million in cash and cash equivalents at the end of 2022.

Startup-focused lender SVB Financial Group last week became the largest bank to fail since the 2008 financial crisis, sending shockwaves through the global financial system and prompting regulators to step in to contain the fallout.

Shares in BuzzFeed were down 8.6% at $1.17 in extended trading on Monday.

The company, which has been grappling with a tough advertising market amid concerns over a slowing economy, also reported a 27% decline in ad revenue to $50.5 million in the quarter ended 31 Dec.

It expects first-quarter overall revenue in the range of $61 million to $67 million. BuzzFeed reported revenue of $91.6 million for the same period last year.