Ziff Davis Q3 revenue misses estimates on soft demand across segments
ZD•ZD•ZD•ZD•Ziff Davis’ third-quarter revenue fell 5.6% year over year to $289.3 million, below the $295.32 million estimate, while adjusted EPS of $1.39 beat the $1.25 estimate. The company repurchased $92 million of shares during the quarter and did not provide financial guidance.
Ziff Davis reported third-quarter revenue of $289.3 million, down 5.6% year over year and below the $295.32 million analyst estimate. Adjusted earnings per share were $1.39, above the $1.25 estimate, and adjusted net income was $48.3 million, versus an estimate of $44.21 million.
Revenue declined across the Technology & Shopping, Gaming & Entertainment, Health & Wellness, and Cybersecurity & Martech segments. Results included a $29.6 million goodwill impairment and a $14.6 million impairment of long-lived assets. The CEO cited a challenging operating environment.
Ziff Davis repurchased $92 million of shares in the quarter and $265 million year to date. The company did not provide specific financial guidance for the current or future periods.
