Criteo Q1 Earnings Breezes Past Expectations; Reiterates FY23 Outlook

Comments
Loading...
  • Criteo SA CRTO reported a Q1 2023 revenue decline of 13% Y/Y to $445.0 million, surpassing the consensus of $213.8 million.  
  • Contribution ex-TAC increased 2% Y/Y to $221 million, with contribution ex-TAC from Marketing Solutions declining 15% Y/Y, Retail Media growing 21% Y/Y, and Iponweb standing at $25.1 million.
  • Criteo's activated media spend rose 37% Y/Y in constant currency to $0.8 billion.
  • The company expanded its platform adoption with large retailers, including Rite Aid Corp RAD.
  • Adjusted EBITDA was $39 million (-38% Y/Y). Adjusted EBITDA as a percentage of Contribution ex-TAC, or Adjusted EBITDA margin, was 18% versus 29% the previous year.
  • Non-GAAP EPS of $0.46 (-13% Y/Y), beating the consensus of $0.24.
  • Free cash flow decreased 87% Y/Y to $9 million. CRTO held cash and equivalents of $338 million.
  • Q2 2023 Outlook: Criteo sees contributions ex-TAC of $228 million - $234 million and adjusted EBITDA of $46 million - $50 million.
  • 2023 Outlook Reiterated: Criteo expects contribution ex-TAC growth in high single-digit to low double-digit growth at constant currencies and an adjusted EBITDA margin of around 28% of contribution ex-TAC.
  • Price Action: CRTO shares are trading higher by 5.92% at $32.54 on the last check Wednesday.
Overview Rating:
Speculative
50%
Technicals Analysis
100
0100
Financials Analysis
20
0100
Overview
Market News and Data brought to you by Benzinga APIs
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise

Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!