Ziff Davis, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing a modest increase in total revenues but a significant rise in net losses compared to the previous fiscal period. Total revenues for the third quarter reached $353.6 million, a 3.7% increase from $341.0 million in Q3 2023. For the nine months, revenues totaled $988.9 million, up 1.5% from $974.1 million in the same period last year. The growth was primarily driven by increases in Digital Media revenues, which rose to $283.6 million in Q3 2024 from $268.0 million in Q3 2023, attributed to higher advertising and performance marketing revenues.
Despite the revenue growth, Ziff Davis reported a net loss of $48.6 million for Q3 2024, compared to a loss of $31.0 million in Q3 2023. The nine-month net loss also increased to $1.0 million from $21.9 million in the prior year. The company experienced a significant goodwill impairment of $85.3 million in Q3 2024, up from $56.9 million in Q3 2023, primarily affecting its Digital Media segment. This impairment contributed to an operating loss of $29.3 million for the quarter, compared to a loss of $13.3 million in the same quarter last year.
Ziff Davis has been active in acquisitions, completing three significant transactions in 2024, including TDS Gift Cards and CNET Media, which contributed $20.7 million in incremental revenue for Q3 2024 and $40.0 million for the nine months. The total consideration for these acquisitions was approximately $358.2 million. The company’s strategy focuses on organic growth and acquisitions to enhance its service offerings and market reach.
On the balance sheet, cash and cash equivalents decreased to $386.1 million as of September 30, 2024, down from $737.6 million at the end of 2023. Total current assets also fell to $951.0 million from $1.2 billion. Long-term debt decreased to $863.7 million, reflecting the company’s ongoing efforts to manage its capital structure effectively.
Ziff Davis continues to navigate challenges in its Digital Media segment while leveraging acquisitions to drive growth. The company remains committed to its strategic objectives, including enhancing its technology and expanding its customer base.
About ZIFF DAVIS, INC.
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