CRTO - Criteo shares rise on Q3 beats stronger than expected pandemic recovery

Criteo (CRTO) climbs 3.6% pre-market after Q3 results top estimates as the company continues to offset the pandemic's impact with cost-cutting measures.Revenue was down 10% Y/Y to $470M with an $80M net negative business impact from coronavirus disruption. Revenue ex-TAC fell 16%.Adjusted EBITDA dropped 23% due to the pandemic, partially offset by cost cutting.Operating expenses decreased 11% to $143M.Cash flow from operations increased 18% to $51M with $38M FCF.Financial liquidity exceeded $870M at the end of the quarter.Total clients grew 3% Y/Y to 20,600, including over 200 net new adds in the quarter.Same-client revenue dropped 6% vs. the 13% decline in Q2. Same-client revenue ex-TAC fell 11% vs. the 14% decline last quarter with about 17 points directly attributed to the pandemic.For Q4, CRTO guides Revenue ex-TAC of $213-230M (-15% at midpoint) and adjusted EBITDA of $81-88M.Press release. Previously: Criteo S.A. EPS beats by $0.20, beats on revenue (Oct. 28 2020)

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Criteo shares rise on Q3 beats, stronger than expected pandemic recovery