Comscore Revenues and Underlying Profit Rise

Comscore has reported a 2.5% increase in second quarter revenue to $93.7m. The firm reported a net loss of $44.9m but said this came almost entirely from a goodwill impairment charge, and adjusted EBITDA was up to $8.8m from $6.5m a year earlier.

The increase in revenue was driven by growth in both Digital Ad Solutions and Cross Platform Solutions. Digital Ad Solutions revenue was up 2.0% during the quarter, primarily due to increased usage of the firm's Activation product (up 32% from the prior year quarter), along with higher revenue from certain custom digital products, which offset a decline in Comscore's syndicated digital revenue. Cross Platform Solutions revenue increased 3.1% from Q2 2022, with double-digit growth in local TV and continued strength in the company's movies business.

Comscore's core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, fell 4.1% to $92.1m from $96.0m a year earlier. The firm says this was mainly due to employee compensation, which decreased from ongoing restructuring efforts and a higher amount of capitalization related to internally developed software. In connection with the restructuring plan announced in September 2022, the company incurred costs of $4.1m in Q2 2023.

CEO Jon Carpenter (pictured) comments: 'The second quarter represents meaningful progress as we remain focused on becoming a more profitable, scalable and nimble organization. We saw strength in our digital business and particularly in Proximic, our activation business. We continued our double-digit growth in local TV measurement and showed a substantial increase in adjusted EBITDA vs. the second quarter a year ago - all clear signs that we are moving in the right direction.'

Web site: www.comscore.com .