By Denny Jacob
Ziff Davis swung to a profit and saw revenue decline in its latest quarter.
The digital media and internet company swung to net income of $16.7 million, or 36 cents a share, for the second quarter ended June 30, from a loss of $46.4 million, or 99 cents a share, a year earlier. Adjusted earnings were $1.27 a share, above analysts’ estimates of $1.21 a share.
Revenue declined to $326 million from $337.4 million. Analysts polled by FactSet expected $323.7 million.
The decline in revenue was led by its cybersecurity and martech segment, as well as a smaller decline in its digital media segment.
Ziff Davis reaffirmed its guidance for fiscal 2023.
“We are cautiously optimistic about the second half of the year, as we are seeing some positive trends in our businesses,” said Chief Executive Vivek Shah.
Write to Denny Jacob at [email protected]
Read the full article here
