CRTO - Why Criteo Stock Fell Today
Shares of Criteo (NASDAQ: CRTO) were down 15.9% as of 2:45 p.m. EDT Wednesday after the ad-retargeting technology specialist announced mixed third-quarter 2019 results, named a new CEO, and issued disappointing forward guidance.
More specifically on the former, Criteo's revenue excluding traffic acquisition costs (ex-TAC) declined 1% year over year (but was flat at constant currencies) to $221 million, technically near the high end of constant-currency guidance provided in late July. That translated to adjusted net income of $35.5 million, or $0.54 per share. Though we don't usually pay close attention to Wall Street's quarterly demands, most analysts were modeling lower adjusted earnings of $0.49 per share on slightly higher revenue of $221.8 million.
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