Nielsen's third-quarter net income was $96 million, down 34%. Earnings were 27 cents a share, down from 41 cents a share, the company said. Analysts polled by Refinitiv were expecting earnings of 25 cents a share.
Nielsen's revenue fell 2.5% to $1.6 billion. Analysts polled by Refinitiv were expecting $1.59 billion.
The company reiterated its earnings, revenue and adjusted Ebitda guidance for 2018. It now expects free cash flow to be between $450 million and $500 million. That's a drop from the range of $550 million to $575 million it had expected.
Nielsen Chief Financial Officer Dave Anderson said in prepared remarks that the company lowered the cash flow guidance "due to continued working capital headwinds."
The company’s audio ratings service falls under its Watch segment and for the third quarter, Audio revenue dipped 1.6%, from $127 million in 2017 to $125 million in Q3 of 2018.
However, the company reports “Audience Measurement of Video and Text revenues increased 4.7%, or 5.2% on a constant currency basis, due to continued client adoption of our Total Audience Measurement system and our ongoing investments, including Gracenote.”
Nielsen executive chairman Jim Attwood says, “The third quarter revenue and earnings are consistent with our updated 2018 guidance despite a number of near-term challenges in our markets. We have a number of key initiatives and actions that we are pursuing to improve our future outlook.”
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