NEWS10 August 2023

Comscore Q2 revenues rise but losses grow

Financials Media News North America

US – Media evaluation firm Comscore has increased its revenue in the second quarter but has made a net loss of $44.9m, according to the company’s latest financial results.

Business data

In its financial results for the second quarter of 2023, revenue rose to $93.7m compared with $91.4m for the same quarter last year.

However, the net loss of $44.9m was a steep increase on the $5.1m loss in the second quarter of 2022.

Comscore said the increased loss was down to a non-cash goodwill impairment charge of $44.1m and restructuring costs of $4.1m.

The company added non-cash goodwill impairment charge was in part due to a decline in its stock price and market capitalisation, and does not directly impact its liquidity, cash flows or future operations.

The results led to an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) of $8.8m compared with $6.5m in the second quarter of 2022.

As of 30th June 2023, cash, cash equivalents and restricted cash totalled $23.1m.

Comscore predicted that full-year 2023 revenue growth would be in the low single digits.

Jon Carpenter, chief executive at Comscore, said: “We saw strength in our digital business and particularly in Proximic, our activation business. We continued our double-digit growth in local TV measurement and showed a substantial increase in adjusted EBITDA vs the second quarter a year ago – all clear signs that we are moving in the right direction.

“While there is much work to do, I am confident that the focus and execution we demonstrated in the second quarter will drive us forward as we move into the back half of 2023.”