Buoyed by strong revenue growth in its Internet measurement business, comScore Inc. plans to open offices this year in France and Germany and add a new service to measure Internet traffic on mobile devices.
ComScore reported this week 2007 revenue of $87.2 million, up nearly 32% from $66.3 million in 2006. Net income more than tripled to $19.3 million. For the fourth quarter, the company reported record revenue of $25.3 million, a 39% increase from the prior year quarter.
"We are pleased with our business performance this quarter, which closes out an exciting year for comScore," says Magid Abraham, president and CEO. "We successfully completed an initial public offering at the beginning of July that has already provided us and should continue to provide us with added flexibility to grow our business and increase shareholder value. In addition, we launched ten new products in 2007. They all serve to strengthen our product portfolio and client relationships. We also continued to expand overseas in 2007 with our opening of a sales office in Japan, which represents our first commercial presence in Asia."
Abraham said comScore hopes to launch its mobile Internet measurement service this year, as well as expanding its presence in Europe. He projected revenue growth for 2008 of 29% to 30% to a range of $112.2 million to $113.2 million. Subscriptions are expected to account for 82% of the revenue.
At the end of 2007, comScore had 895 customers, an increase of 189 from year-end 2006.