NEWS11 November 2022

Comscore announces $52.4m loss for Q3 2022

Financials Media News North America

US – Media evaluation firm Comscore made a net loss of $52.4m in the third quarter of 2022 with a 0.3% rise in revenue compared with the same period last year, according to the company’s latest financial results.


In its results for Q3 2022, Comscore said its net loss of $52.4m, compared with a $2m net profit in the same period in 2021, was primarily due to a non-cash goodwill impairment charge of $46.3m and restructuring costs of $5.8m to carry out a restructuring plan announced in September 2022.

Revenue for the third quarter was $92.8m compared with $92.5m in the same three-month period in 2021.

Comscore said it had increased Cross Platform Solutions revenue 14% to $40.4m, driven by the rebound in its film business and local and national television measurement.

However, its Digital Ad Solutions revenue declined 8.2% to $52.4m due to slower advertising spend.

Comscore’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) was $11.7m in Q3 2022 compared to $11.3m in Q3 2021.

The company said that core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, were $90.4m, almost equivalent to the previous year’s $90.3m.

Due in part to a decline in Comscore’s stock price and market capitalisation, the business carried out an interim review, resulting in a non-cash goodwill impairment charge of $46.3m as of September 30, 2022.

Comscore said this charge does not directly impact the company’s liquidity, cash flows or future operations.

Jon Carpenter, chief executive at Comscore, said: “In the third quarter, we rounded out our executive team with leadership positions that I believe are critical to the success of Comscore.

“We also announced a restructuring plan as a first step in becoming more cost efficient and better aligning our operating structure and resources to our strategic priorities.

“We continue to see momentum in our local and national television businesses, and even though the current economic environment is challenging for our industry, we are excited about what’s ahead for Comscore.”