By all accounts, Comscore‘s Q3 earnings results were a bit of a surprise: While its revenue fell short of the Zacks Consensus Estimate by 2.4%, the troubled company with a brand-new CEO lowered its quarterly per-share loss — and beat the Street, big time.
Investors signaled their approval right from Wednesday’s Opening Bell on Wall Street, with SCOR up nearly 18% right out of the gate.
Comscore reported Q3 net revenue of $94.3 million, down from $102.9 million.
That’s $2.29 million less than what Zacks’ analysts predicted.
However, Zacks’ consensus estimate on EPS was a per-share loss of 45 cents.
Comscore lowered its per-share net loss to $10.6 million (-16 cents), from $24.6 million (-42 cents).
And, adjusted EBITDA jumped to $6.45 million, from $5.23 million.
On a non-GAAP basis, Comscore’s net loss surged to $6.23 million from $3.98 million. But, this is largely tied to $6.39 million in one-time expenses.
A RATINGS REVENUE SLIP
Powering Comscore in Q3 is its “Ratings and Planning” revenue, which accounted for 69.3% of its revenue — $65.33 million.
But, that’s down year-over-year from $70.5 million.
Also down: Analytics and Optimization Revenue, to $18.25 million from $22.2 million.
Slightly up was Reporting and Analytics Revenue, moving to $10.7 million from $10.2 million.
Just before 10am Eastern, SCOR was up 20% to $2.98 per share, its best performance in three months.
At 2:42pm Eastern, the gains were even more pronounced, with a 29% surge to $3.22 per share. It was late July when Comscore was last trading at this level.
Comscore closed at $3.15 per share, a 26.5% rise. Trading volume was enormous, at 3.45 million shares. Average volume for SCOR is 911,946 shares.