Ziff Davis (ZD) Reports Revenue Decline for Q4 2023

Ziff Davis, Inc. (NASDAQ: ZD) has recently announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023, along with its outlook for 2024. Vivek Shah, the Chief Executive Officer of Ziff Davis, expressed optimism about the company's future, stating, "We have a positive and encouraging outlook on 2024 that reflects a return to healthy growth rates at the company."

The company reported a decrease in quarterly revenues for the fourth quarter of 2023, with a 1.7% decline to $389.9 million compared to $396.7 million for the same period in 2022. Additionally, income from operations decreased by 13.6% to $80.7 million, and net income from continuing operations decreased by 8.3% to $63.4 million compared to the fourth quarter of 2022.

For the full year 2023, Ziff Davis saw a 1.9% decrease in yearly revenues to $1.36 billion compared to $1.39 billion for 2022. Income from operations decreased by 33.3% to $132.6 million, and net income from continuing operations decreased by 36.6% to $41.5 million compared to the previous year.

Ziff Davis also provided its outlook for 2024, with a range of estimates for revenue, adjusted EBITDA, and adjusted diluted EPS, anticipating growth in each of these areas.

The company's shares have responded to this news, moving 4.2% and are currently trading at a price of $67.46.

Ziff Davis will host a live audio webcast and conference call to discuss its fourth quarter and year-end 2023 financial results on Thursday, February 22, 2024, at 8:30 am ET. The webcast and call will be accessible by phone or via the company's website.

About Ziff Davis, Inc. (NASDAQ: ZD): Ziff Davis is a digitally focused company with a portfolio that includes leading brands in technology, shopping, gaming, entertainment, connectivity, health, cybersecurity, and martech.

The company's full 8-K submission is available here.

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