Business
Comscore Reports Second Quarter 2023 Results
RESTON, Va., Aug. 8, 2023 /PRNewswire/ -- Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting, and evaluating media across platforms,
About this update from Comscore, Inc.
[{"type":"text","content":"RESTON, Va., Aug. 8, 2023 /PRNewswire/ -- Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting, and evaluating media across platforms, today reported financial results for the quarter ended June 30, 2023.\nQ2 2023 Financial Highlights\nRevenue for the second quarter was $93.7 million compared to $91.4 million in Q2 2022Net loss of $44.9 million compared to $5.1 million in Q2 2022, resulting primarily from a non-cash goodwill impairment charge of $44.1 million and restructuring costs of $4.1 million in Q2 2023Adjusted EBITDA of $8.8 million compared to $6.5 million in Q2 2022FX adjusted EBITDA of $9.0 million compared to $4.0 million in Q2 2022Refining full year revenue guidance and maintaining adjusted EBITDA guidance\"The second quarter that we're announcing today represents meaningful progress as we remain focused on becoming a more profitable, scalable and nimble organization,\" said Jon Carpenter, CEO of Comscore. \"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. Leaning into our digital heritage and unique scale and granularity, in ways that only Comscore can, we believe we can solve some of the inefficiencies in measurement that media companies and advertisers have tolerated for too long. We are intent on making audience data and measurement actionable for a cross-platform and cookieless world. While there is much work to do, I am confident that the focus and execution we demonstrated in the second quarter will drive us forward as we move into the back half of 2023.\"\nSecond Quarter Summary Results \nRevenue in the second quarter was $93.7 million, up 2.5% from $91.4 million in Q2 2022, driven by growth in both Digital Ad Solutions and Cross Platform Solutions. Digital Ad Solutions revenue was up 2.0% from Q2 2022, primarily due to increased usage of our Activation product (up 32% from the prior year quarter), along with higher revenue from certain custom digital products, which offset a decline in our syndicated digital revenue. Cross Platform Solutions revenue was up 3.1% from Q2 2022, with double-digit growth in local TV and continued strength in...