CRTO - Why Criteo Stock Is Skyrocketing Today
Digital marketing expert Criteo (NASDAQ: CRTO) reported fantastic third-quarter results on Wednesday morning, sending shares as much as 32.3% higher. By 12:25 p.m. EDT, the stock had cooled down slightly to a gain of 28.4%.
Criteo's sales after subtracting traffic acquisition costs (ex-TAC revenue) rose 13% year over year in the third quarter to $211 million. Your average analyst would have settled for $205 million. On the bottom line, adjusted earnings increased by 60% to $0.64 per diluted share. Here, the analyst consensus called for earnings of $0.36 per share.
The company added more than 400 net new clients during the quarter, bringing its total to 22,000 customers. The media spending under Criteo's management stopped at $615 million, 23% above the year-ago period's reading as measured in constant currencies. Sales were flat in the Americas but Criteo's business is booming in the Asia-Pacific and Europe, Middle East, and Africa (EMEA) regions.
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Why Criteo Stock Is Skyrocketing Today