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Wednesday, November 1, 2017

=Criteo (CRTO) reported earnings on Wed 1 Nov 2017 (b/o)

Criteo beats by $0.08, beats on revs; guides Q4 revs below consensus as mgmt sees 8-10% headwind from Apples' Intelligent Tracking Prevention feature 
  • Reports Q3 (Sep) adj. earnings of $0.65 per share, $0.08 better than the Capital IQ Consensus of $0.57; revenues rose 32.7% year/year to $234.4 mln vs the $230.12 mln Capital IQ Consensus. This increase was primarily driven by continued innovation across existing and new products, a broader and improved access to publisher inventory and new clients of various sizes across regions and products. Adjusted EBITDA grew 48% (or 45% at constant currency) to $79 million, or 34% of Revenue ex-TAC.
  • Co issues downside guidance for Q4, sees Q4 revs of $260-263 mln vs. $283.31 mln Capital IQ Consensus; EBITDA $106-109 mln.
  • "Apples' Intelligent Tracking Prevention feature, or ITP, was released on mobile on September 19, 2017. We believe our solution for Safari users currently allows us to mitigate about half of the potential impact from ITP. In the third quarter, ITP had a minimal net negative impact on our Revenue ex-TAC of less than $1 million. Given our expectations of the roll out of Apple's iOS11 and our coverage of Safari users, we expect ITP to have a net negative impact on our Revenue ex-TAC in the fourth quarter of between 8% and 10% relative to our base case projections for the quarter. We will continue to improve and deploy our solution for Safari users over the coming quarters. 

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