TBLA - Why Taboola Stock Was Up on Wednesday
2023-08-09 11:14:22 ET
Taboola (NASDAQ: TBLA) shareholders had a great start to the trading day today. Shares were up 15% by 11 a.m. ET, compared to a modest decline in the S&P 500 . That increase put the digital advertising platform specialist's stock back above the wider market's returns for the year, up 26% so far in 2023.
The rally was powered by positive news on the earnings front.
The company revealed before the market opened that sales were $332 million for the selling period that ended in late June. While that result marked a 3% decline compared to a year earlier, it was well above management's prior outlook. That forecast had called for revenue between $296 million and $322 million.
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Why Taboola Stock Was Up on Wednesday