What happened

Shares of BuzzFeed (BZFD -3.53%) plunged 32.6% in February, according to data provided by S&P Global Market Intelligence. There is some news that might somewhat explain the drop during the month. However, I think February's decline should be kept in context: BuzzFeed stock was up over 200% in January, and it seems some of the buzz has worn off.

So what

In January, BuzzFeed reportedly landed a new partnership with Meta Platforms. And it also announced that it was going to lean on OpenAI's artificial-intelligence tools for content generation, which could make its operations more efficient in theory. The market loved these developments and sent the stock soaring.

In February, Comcast cashed in on January's gains. On Feb. 1, Comcast owned over 25.1 million shares of BuzzFeed -- nearly 20% of the company. However, regulatory filings on Feb. 6 revealed that Comcast had sold over 5 million shares of BuzzFeed.

On one hand, Comcast still owns a significant stake in BuzzFeed, at almost 16%. On the other hand, selling that many shares after a short-term gain is disheartening, especially considering BuzzFeed stock is still down about 80% from its all-time high.

BuzzFeed did get a boost when it announced that it was licensing content from its animation division. This could potentially bring in some incremental, high-margin revenue for the company. However, the deal simply grants the option to develop long-content on its properties -- it's possible nothing will come of it. And perhaps this is why the buzz from this announcement quickly faded in the days that followed.

Now what

BuzzFeed is scheduled to report financial results for the fourth quarter of 2022 on March 13. Management is expecting revenue between $129 million and $134 million, and it's expecting adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $12.5 million to $17.5 million. For perspective, both of those numbers would be down year over year.

Investors like to see companies that are growing, and that's largely why they've given up on BuzzFeed stock in the past year. But management will try to win them back over when it has its investor day presentation on March 11.

Investor days are opportunities for management teams, including that of BuzzFeed, to cast long-term vision and set multiyear financial projections. And depending on what gets said, the stock could have a strong immediate reaction.

I wouldn't invest in BuzzFeed stock today, hoping for a short-term pop in price from its Q4 results or investor day presentation. The company is struggling with growth, and profits are down. It may be best to let management show more progress in its turnaround before diving in.