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comScore Posts 'Record Revenue'
Online measurement agency comScore has reported a second quarter revenue increase of 38% to $28.8m - a record high, which the firm says reflects its acquisition of M:Metrics in May.
This performance exceeded the range of the company's guidance of approximately $27.1m to $27.4m for the quarter. Excluding M:Metrics' results, revenue was $27.8m; an increase of 34% over the same period last year.
Revenue from existing customers in the second quarter rose 37% to $24.3m, while revenue from new customers was up 43% to $4.5m.
International revenue climbed 75% to $4.1m, and accounted for 14% of the firm's total revenue as compared with 11% in the corresponding period last year.
'This quarter we posted the highest levels of revenue and profitability in the company's history,' said President and CEO Magid Abraham. 'We continued to make gains in penetrating our existing customer base both in the US and internationally, and our renewal rates continue to exceed 90%. Despite the general macro-economic uncertainty, our confidence in the strength of our business remains high and we continue to see strong client demand for our products and services.'
Abraham reiterated the firm's objective for M:Metrics to make a positive contribution to Adjusted EBITDA by the end of the fourth quarter of 2008.
On a consolidated basis, including M:Metrics' results, comScore is forecasting full-year 2008 revenue of approximately $119.7m to $120.4m, which includes the impact of the M:Metrics buy.
Following the earnings announcement, the firm's shares rose more than 12% to $21.45 in after-hours trading.
Web site: www.comscore.com .
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