comScore, Inc. (Nasdaq: SCOR), a leader in measuring the digital world, today announced financial results for its fourth quarter and fiscal year ended December 31, 2008.
Magid Abraham, comScore's president and chief executive officer said, "We are very pleased to report record revenue for the fourth quarter of 2008 that is 25 percent higher than fourth quarter 2007, despite a challenging economic environment. Our subscription revenue for the fourth quarter was strong and increased 32 percent from the same quarter last year, while existing customer revenue increased 25 percent over fourth quarter 2007.
Overall revenue in the fourth quarter was slightly below the low end of our guidance range, impacted by somewhat lighter project revenue in the fourth quarter, the negative impact of the stronger U.S. dollar on our international revenue, and a slower rate of international growth.
We believe the lighter than expected project revenue can be attributed primarily to clients tightening their year-end spending in reaction to the economic slowdown."
Dr. Abraham continued, "Our results in the fourth quarter for net income (excluding certain non-recurring benefits for tax and charges for impairments), non-GAAP adjusted net income, and GAAP and non GAAP EPS were on the high end of our guidance range while adjusted EBITDA was consistent with our expectations.
These financial results reflect continuation of our revenue growth, the fundamental strength of our business model, and the benefits of cost containment efforts that we implemented late last year."
Dr. Abraham added, "Despite the economic conditions, we added 112 gross new customers, or 30 new customers on a net basis, in the fourth quarter, which increases our total customer base to 1,166 clients. We are delighted to report that we recently signed Viacom as the one-hundredth client for Video Metrix, our industry-leading video tracking service.
We also maintained our historical subscription renewal rate in excess of 90 percent on a subscription revenue basis, with renewals among our medium- and large-sized customers at even higher rates. In 2008, we continued to broaden our customer base, and we made particularly significant strides in penetrating the telecom sector. With industry leaders such as Verizon and AT&T now among our top 10 customers, we believe comScore is well positioned as mobile Internet usage continues its rapid growth."
"In addition, Brand Metrix, Ad Metrix, and Campaign Metrix, our ad effectiveness measurement products, all gained important traction in 2008.
These services allow publishers and advertisers to quantitatively evaluate the effectiveness of advertising campaigns and help maximize the return on advertising expenditures. Looking ahead to 2009, we believe that this line of products will gain further momentum as advertisers seek to maximize the return on their advertising expenditures in these challenging times."
Dr. Abraham concluded, "Our focus remains on the long term as we continue to build the leading global digital marketing intelligence platform. We believe that our strong market position, financial health and business model have positioned us well for continued long-term success."
Posted By Andrew Redfern
Follow our Micro Blogging Twitter Feed on http://twitter.com/hitsearch
Would you like to know about Internet Marketing? If so, contact HitSearch, Search Engine Optimisation and Pay Per Click & Social Space Marketing specialists, on 0845 643 9289. Remember, its a big world out there, make sure you become visible.