Comscore has reported a 4.4% drop in second quarter revenues to $96.9m from $101.4m in the prior year period. During Q2, the company cut 10% of its workforce, saving $20m in the process, and it is now looking at 'strategic options' which could lead to the sale of all or part of the business.
In the second quarter, the company recorded a $5.0m liability related to the previously disclosed SEC investigation. Primarily as a result of non-cash impairment charges (relating to an intangible asset and goodwill) and legal accrual, net loss for the second quarter of 2019 was $279.5m, compared to a net loss of $56.0m in the year-ago quarter. Second quarter adjusted EBITDA loss was $32m compared with positive adjusted EBITDA of $1.3m in Q2 2018.
By division, Ratings and Planning revenue fell to $68.9m from $70.5m, as a result of a decline in syndicated digital products offset by higher revenue in TV and cross-platform products. Analytics and Optimization revenue dropped to $17.3m from $20.5m in the year-ago quarter; and Movies Reporting and Analytics revenue was up very slightly to $10.7m compared to $10.4m in Q2 2018.
Interim CEO Dale Fuller (pictured) said that in the second quarter, the company took significant steps to 'better prioritize, refocus and invest' in its product portfolio, while reducing core operating costs. 'The management team is exploring all aspects of the business and is conducting a comprehensive strategic review of all our options, making sure that our talent is focused on developing compelling products that our customers want and need. We believe this approach should ultimately allow us to generate break-even to positive operating cash flow later this year,' Fuller added.
Web site: www.comscore.com .
All articles 2006-20 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.