NEWS13 May 2019

Comscore to cut headcount

Financials News North America People

US – Global measurement business Comscore has reported a 3.4% decline in revenue to $102.3m for the first quarter of the year and is looking to cut 10% of its workforce.

The headcount reduction, which includes open positions that will not be filled, is part of efforts to increase the company’s profitability.

It is also renegotiating data contracts, lowering its fixed costs and reorganising its sales structure.

Comscore recorded a net loss of $27.5m, or $0.46 per share, for the first quarter.

In its quarterly earnings statement, interim chief executive Dale Fuller said the company has begun a strategic review, including customer relationships, products and organisational structure.

Fuller said: "While the strategic review is still in process, we have identified and implemented actions … that we believe will result in a better customer experience, improved organisational efficiency, and resources that are better aligned with business needs.”

The company expects to decrease its annual costs and cash outflow by around five per cent of its core operating costs as a result of these actions, said Fuller.

In April, chief executive Bryan Wiener stepped down after less than a year in the role, citing “irreconcilable differences” with the board regarding strategy. President Sarah Hofstetter, who joined in October 2018, also resigned from the business.