Comscore revenues drop in Q1

In its results for the three months to 31^st March 2023, Comscore had revenue of $91.6m, down from $94m in the same quarter in 2022.

Comscore said the reason for the fall in revenue was a decline in revenue from its Digital Ad Solutions business because of slower advertising spend, which impacted the company’s custom digital tools and other digital products.

However, Comscore’s core operating expenses were $91.6m, a 6.3% reduction from $97.7m in the first quarter of 2022.

The results meant Comscore registered a net loss of $8.7m in the first quarter of 2023, down from $9.3m in the same period last year.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter was $5.2m, compared with $6.8m in the first quarter of 2022, resulting in adjusted EBITDA margins of 5.7% and 7.2% respectively.

Cash, cash equivalents and restricted cash totalled $20.7m, and total debt was $18.7m.

Jon Carpenter, chief executive at Comscore, said: “Despite a challenging macroeconomic environment, I am pleased with the progress we’re making against our strategic and operational priorities.

“Our wins over the course of the first quarter, including Warner Bros. Discovery, YouTube and IPG Mediabrands, highlight the breadth of our offerings and the confidence our clients have in the scale, transparency and interoperability of our solutions.

“We remain focused on execution, delivering best in class cross-platform audience solutions for our clients and value creation for our shareholders.”