Taboola.Com Ltd TBLA reported third-quarter FY23 revenues of $360.2 million, beating the analyst consensus of $345.1 million. Revenues grew by 8.3% year over year.
The artificial intelligence-enabled public advertising company reported an adjusted EPS of $0.02, beating the analyst consensus of $(0.04) loss.
Gross margin contracted 293 basis points to 28.0%, while gross profit slid 2% to $100.7 million.
Operating loss improved Y/Y to $(18.7) million, compared with $(21.5) million loss a year ago.
The company held cash and cash equivalents worth $250.7 million.
CEO Adam Singolda attributed the performance to the momentum in its core business working with publishers and performance advertisers, Taboola growth engines, namely eCommerce and Taboola News, and its AI-powered bidding technology.
In addition, the company made significant progress with Yahoo in Q3, expressing excitement in becoming the first ever “must buy” ad-platform in the Open Web.
Outlook: Taboola reiterated FY23 revenues outlook of $1.438 billion - $1.469 billion versus the consensus of $1.45 billion.
It expects Q4 revenues of $418 million - $449 million versus the consensus of $450.21 million.
Price Action: TBLA shares are trading higher by 17.20% to $4.08 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
