Comscore Revenues Fall Back in Q2

Comscore has reported second quarter revenue down 8.4% to $85.8m and adjusted EBITDA of $7.2m (excluding currency effects), down from $9.1m a year earlier.

The audience measurement company reported a $1.7m net loss: the Q2 2023 figure was $44.9m but would have been a net profit but for a goodwill impairment charge of $44.1m and restructuring costs of $4.1m.

The firm's revenue from Content & Ad Measurement declined 6.7% mainly due to lower revenue from its syndicated national TV audience offerings and syndicated digital products; while its Research & Insight Solutions revenue fell 16.5%, with lower deliveries of custom digital products.

CEO Jon Carpenter says the results 'fell short of our expectations', but adds 'we remain confident that the direction we're taking the company - one that is focused on delivering omnichannel measurement solutions to address the growing gaps in today's measurement offerings - is the right one... As we head into the back half of the year, our Proximic offerings are scaling rapidly and we're seeing agencies and brands leaning into our cross-platform measurement solutions, validating the opportunity in front of us. We're committed to a return to growth, completing this turnaround and delivering the results that our stakeholders expect'.

The company revised its full year 2024 guidance to forecast revenue between $350 and $360 million and an adjusted EBITDA margin of at least 10%. Carpenter says the Board 'anticipates a return to growth in 2025' with continued investment in and growth from its Proximic and CCR products.

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.