Nielsen reports Q1 net loss

Revenue for the first quarter was $1.6m, a year-on-year increase of 1.5% on a constant currency basis. Net loss for the first quarter was $18m, compared to net income of $43m in the same period in 2019.

Nielsen Global Media revenues grew by 1.9% to $842m on a reported basis ( 2.6% in constant currency), while Nielsen Global Connect saw reported revenue decrease 2.7% to $717m (up 0.3% on a constant basis), the company said.

Nielsen now expects its spin-off of Nielsen Global Connect, announced in late 2019, to complete in the first quarter of 2021 instead of by November this year, largely due to the temporary closure of government agencies needed to move forward with the separation. 

David Kenny, chief executive officer, said: "We delivered solid results in the first quarter, but we saw slowing momentum in Connect as the quarter progressed. This trend continued into April, with increased pressure in both Media and Connect primarily in non-contracted revenue."

Kenny added: "We remain well-capitalised and are closely managing cash flow and our balance sheet. Our cost actions allow us to continue investing in the key strategic priorities that will drive our long-term growth. We also continue to make progress on operational readiness as we position Media and Connect for success as separate, standalone companies."

The company said it expects its revenues to be lower this year as a result of Covid-19 and foreign exchange impact. It expects revenue growth for 2020 to be between -4% and -1% in constant currency, compared to a previous outlook of 1.5% to 3.0%.