- Taboola.Com Ltd. TBLA reported first-quarter FY23 revenues of $327.69 million, beating the analyst consensus of $311.87 million. Revenues fell 7.7% year over year.
- The artificial intelligence company reported an adjusted EPS of (0.01) loss, beating the analyst consensus of $(0.06) loss.
- Gross margin contracted 424 basis points to 27.3%, while gross profit slid 20% to $89.6 million.
- Operating loss in Q1 widened Y/Y to $(28.80) million, compared with $(7.70) million loss a year ago.
- The company exited Q1 with cash and cash equivalents worth $218.85 million.
- "Once the Yahoo integration is 100% live we expect to be at a $2.5B revenue run-rate. This will still be a small portion of the $70 billion Open Web market, so there remains a lot of growth for us to capture," said CEO Adam Singolda.
- Share Buyback: The company's board of directors authorized a buyback of up to $40 million of the company's ordinary shares. The company repaid $30 million of long-term debt in April, expecting to repay up to an additional $50 million debt this year.
- Raised FY23 Outlook: The company expects revenues from $1.427 billion-$1.469 billion, versus the consensus of $1.44 billion. The earlier estimate was $1.419 billion-$1.469 billion.
- The company expects Q2 revenues of $296 million-$322 million, versus the consensus of $337.21 million.
- Price Action: TBLA shares are trading higher by 33.3% to $3.04 on the last check Wednesday.
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