CRTO - Why Criteo Stock Rose Sharply Today
Shares of advertising-technology company Criteo (NASDAQ: CRTO) rose sharply on Wednesday after the company reported financial results for the first quarter of 2021. The company beat expectations in Q1 and is guiding for better second-quarter results than Wall Street anticipated. These pleasant surprises explain the market's positive reaction today.
Criteo reported Q1 revenue of $541 million, an increase of 7% from last year. But take the percentage increase with a grain of salt. In the early days of the COVID-19 pandemic, advertisers slashed their budgets. Because of this, Criteo's revenue was down in the first quarter of 2020, providing an easy year-over-year comparison. Indeed, Q1 2021 revenue is still lower than in the comparable quarter from 2019. However, the company had previously guided for a drop in Q1 revenue, so a 7% increase was a pleasant surprise.
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Why Criteo Stock Rose Sharply Today