Measurement company Comscore reported a larger-than-expected loss in the third quarter as it took big write-offs and charges.
Comscore’s third quarter net loss was $52.4 million, or 60 cents a share, compared to a loss of $2 million, or 2 cents a share, a year ago. Contributing to the red ink were a non-cash goodwill impairment charge of $45 million and restructuring costs of $5.6 million.
Adjusted earnings before interest, taxes, depreciation and amortization was up 4%.
Third quarter revenue increased 0.2% to $92.8 million.
Cross platform solutions revenue was up 14% to $40.4 million, driven by local and national TV measurement and a continued rebound in movies.
Digital ad solutions revenue was down 8.2% due to slower ad spending in the quarter.
Comscore lowered its estimate for full-year revenue growth to low-single digits.
“Since stepping into the CEO role in July, I’ve been laser focused on improving speed, execution and profitability,” said Jon Carpenter.
“In the third quarter, we rounded out our executive team with leadership positions that I believe are critical to the success of Comscore,” Carpenter said. “We committed to delivering faster data to our customers, and in September we rolled out our Comscore TV Pulse data with a delivery speed of 48 hours.
Also: New Comscore CEO Jon Carpenter Rushing To Bring Clients Data Faster
Under Carpenter, the company also announced a restructuring plan aimed at cutting costs and aligning its resources to strategic priorities.
“We continue to see momentum in our local and national television businesses, and even though the current economic environment is challenging for our industry, we are excited about what's ahead for Comscore," Carpenter said. ■
