NEWS8 March 2024

Net losses grew at Comscore in 2023

Financials Media News North America

US – Media planning and evaluation firm Comscore made a net loss of $79.4m in 2023, according to its latest financial results.

Business data

In its full year results for 2023, Comscore said that the net loss was an increase on the $66.6m net loss it incurred in 2022, both of which were primarily caused by a non-cash goodwill impairment charge of $78.2m and $46.3m, respectively.

Revenue for 2023 was $371.3m compared with $376.4m in 2022, primarily as a result of a decline in Cross Platform Solutions revenue from lower renewals of the company’s national television offer, partially offset by growth in its movies business.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) was $44m for the whole of 2023, up from $37.5m in 2022.

Revenue for the fourth quarter of 2023 down to $95.1m from $98.2m in the same period the previous year.

The fourth quarter of 2023 also saw a net loss of $28.4m compared with net income of $0.1m in 2022, which Comscore said was primarily due to a non-cash goodwill impairment charge of $34.1m in the final quarter of 2023.

Comscore said that based on current trends and expectations, it believes that 2024 revenue will be between $375m and $390m, driven by growth in Cross Platform Solutions from its local television offering and growth in Digital Ad Solutions.

Jon Carpenter, chief executive at Comscore, said: “As we reflect on 2023, there is a lot to be proud of. While we fell short of our top line revenue goals for the year, we made substantial progress on changing the way we operate, which allowed us to achieve our adjusted EBITDA goals.

“As we begin 2024, I remain confident that we are moving the business in the right direction as we execute on our turnaround.
“I look forward to what’s ahead and am committed to delivering for both our clients and our shareholders in 2024.”