CRTO - Why Criteo Stock Soared Today
Shares of Criteo (NASDAQ: CRTO) have soared today, up by 8% as of noon EDT, after the company reported first-quarter earnings. The results beat expectations and the ad-tech specialist initiated a new share repurchase program.
Revenue excluding traffic acquisition costs (ex-TAC) in the first quarter declined 13% to $206 million, slightly ahead of the $205 million that analysts were modeling for. That translated into net income of $16 million, or $0.52 per share. Wall Street was looking for $0.44 per share in profits. The ad-tech company said that the COVID-19 pandemic adversely impacted revenue ex-TAC by $10 million.
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