Criteo reports $509 million revenue in third quarter

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Updated: November 08, 2021 6:12 PM

The company has posted $176 million gross profit in the quarter

The Asia-Pacific market accounts for 23% of total revenue

Global technology company Criteo has posted $509 million revenue in the third quarter (Q3) of 2021, up eight percent year-over-year. The company’s gross profit increased by 16% year-over-year in the quarter to $176 million. In addition, the company has reported $211 million revenue ex-traffic acquisition cost (TAC) in the quarter with an increase of 13% year-over-year. “We achieved yet another strong quarter of double-digit growth, driven by the acceleration of our new solutions and healthy performance in retargeting,” Megan Clarken, chief executive officer, Criteo, said.

In Asia-Pacific, Criteo’s revenue has increased 18% year-over-year, or 21% at constant currency, to $116 million accounting for 23% of total Revenue. Revenue ex-TAC increased 13% year-over-year to $47 million and represented 22% of total Revenue ex-TAC, the company added.

“As a global powerhouse in commerce media, we are focused on delivering the best performing commerce audiences at scale for our large and growing base of 22,000 marketer and brand customers across the open Internet. The sustained momentum in our company transformation and solid execution of our Commerce Media Platform strategy position us well to drive long-term sustainable growth and shareholder value,” Clarken added.

According to an official statement, marketing solutions revenue has seen 11% growth. The increase in the segment has been driven by healthy demand from retail clients, both on its retargeting and audience targeting solutions. However, it has been partially offset by anticipated identity and privacy changes.

On the other hand, retail media revenue has seen a 14% decline in Q3. The ongoing client migration to its Retail Media Platform (RMP) has been cited as the reason for the degrowth. However, retail media revenue ex-traffic acquisition cost (TAC) has increased 65%, as per the statement. Criteo expects overall revenue ex-TAC between $271 million and $274 million in the fourth quarter.

The company claims to have added over 400 net new clients and closed the quarter with close to 22,000 clients. While same-client revenue has increased five percent, same-client revenue ex-TAC2 increased 9% year-over-year at constant currency.

Meanwhile, Criteo’s board of directors has authorised the extension of its current share repurchase programme of up to $100 million of the company’s outstanding American Depositary Shares to an increased amount of up to $175 million.

Read Also: Bolo Live names Abhay Singh Kumpawat as vice president, marketing

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