CRTO - Why Criteo Stock Plunged Today
2023-11-02 17:03:31 ET
Shares of Criteo (NASDAQ: CRTO) fell 12% on Thursday after the ad-retargeting specialist announced strong third-quarter 2023 results, but followed with cautious forward guidance.
On the former, Criteo's quarterly revenue contribution excluding traffic acquisition costs (ex-TAC) grew 15% year over year, to $245 million, translating to a 34% increase in adjusted non-GAAP (generally accepted accounting principles) earnings per share to $0.71. Analysts, on average, were only expecting earnings of $0.60 per share on revenue ex-TAC of $240.4 million.
Criteo saw particular strength in retail media, where revenue ex-TAC climbed 29% at constant-currency, and same-retailer revenue ex-TAC retention arrived at a solid 123% -- meaning existing customers spent an average of 23% more on Criteo's platform after their first year.
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Why Criteo Stock Plunged Today