comScore Q1 Revenue Up, Full-Year Forecast Down

First quarter revenue at online audience measurement firm comScore increased 16% to $30.6m from the prior year period, but the firm has cut its 2009 full-year revenue growth forecast to 10-12% from its previous prediction of 15%.

comScore's contract renewal rate continued to exceed 90% on a dollar basis. Continued higher levels of attrition among its smallest customers were largely offset by strong renewal activity at medium and large customers.

The firm also experienced lower-than-expected project revenue which it put down to increased economic pressure on customers' discretionary budgets.

comScore's President and CEO Magid Abraham commented: 'We are pleased to report first quarter revenue at the upper end of our expected range, considering the overall economic environment. We are particular strong internationally as we continue to penetrate newer markets, and domestically in selected industry verticals such as telecoms, consumer packaged goods, and pharmaceuticals.'

Abraham added that due to the impact of macro-economic conditions on the firm's customers, comScore now anticipates revenue growth of 10% to 12% for the full year 2009, down from the 15% predicted earlier in the year.

He continued: 'Our strong revenue and subscription growth in the economically challenging first quarter environment demonstrated the resiliency of the comScore business model. I am confident in our ability to leverage our competitive positions and our existing and forthcoming product suite to emerge as a stronger company with excellent revenue visibility and profitability.'

For Q2, ComScore anticipates revenue of $30.8m to $31.3m, below the previously predicted $32.5m.

In late trading, comScore shares were down $0.27, or 2.1%, to $12.49.

Web site: www.comscore.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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