Proxy data provider Fortune reports its second quarter earnings results

Posted On August 10, 2021

Fortune, Inc. (NYSE: FWD) reported second-quarter earnings on Wednesday.

The company posted a net loss of $3.6 billion, or $3 per share, on revenue of $20.9 billion, according to Thomson Reuters I/B/E/S.

The full results will be released later today.

“Our results were driven by strong growth in the proxy business and strong revenue from our two-way and data services businesses, both of which are in a challenging position,” Fortune CEO Tom Gores said in a statement.

The proxy business, which includes proxy advertising, revenue and product licensing, grew 7.4% to $1.9bn, while the data services business, a proxy for the company’s customer-service and other data products, grew 14.3% to about $1bn.

“While the proxy businesses remain challenging, we expect them to be able to bounce back this year as we continue to invest in our data services,” Gores added.

A proxy for financial services also grew 5.6% to a profit of $719 million.

The results included a gain of $100 million in the business of delivering financial services to the public.

The year-over-year revenue growth was driven by a 1.7% gain in the amount of the Company’s data services revenue, which rose 5.1%.

The company also benefited from the strong performance of its three-way data service, which grew by 1.6%.

For the quarter, Fortune saw net income of $5.2 billion, up from $4.3 billion in the previous quarter.

Gores noted that the company had increased its dividend to 6 cents per share.

In the second quarter, the company posted net revenue of more than $15.5 billion, a gain in net income that came from its data services and proxy businesses, which included a net gain of about $2.3bn in the number of users it served.

The third quarter revenue for Fortune was $7.5bn, which came from the company, which reported a profit for the year of about 12 cents per $1 of revenue.

Gains in the company revenue were offset by a net cost of about 3 cents per dollar in operating expenses, Gores continued.

Fortune’s full financial results will become available on Thursday. For more:  https://www.fortune.com/fortune/news/business/article/fortune-inc-seeks-more-tune-in-consumer-surveys-to-be-the-next-big-data-provider-106068