Criteo reported its Q2 2024 financial results with a 14% increase in Contribution ex-TAC (net revenue), reaching $267 million. Reportedly, this growth surpasses the company’s guidance and marks the third consecutive quarter of double-digit organic growth. The company also raised its financial outlook following record results in revenue and adjusted EBITDA margin.
The shift to non-retargeting solutions now constitutes 52% of Criteo’s business. The company’s partnership with Microsoft Advertising has expanded its network to include 225 retailers and attracted over 500,000 advertisers. Criteo is also consolidating Retail Media supply on its platform, leading to a 30% increase in year-over-year activated spend. Retail partners include Office Depot, Dollar General, QVC, Belk, MyTheresa, Selfridges, and Grab.
Criteo added around 200 new brands to its Commerce Max Demand Side Platform (DSP) in Q2 and experienced a 50% rise in agency spending from major holding companies. The Commerce Max platform now features an SKU-based planning tool for buying sponsored product ads across all 225 Retail Media Networks through a unified workflow. AI has contributed to revenue growth.
Our transformation is coming to life and we continue to seize the exciting opportunities in front of us, positioning ourselves for a promising future,” said Megan Clarken, chief executive officer, Criteo. “Our focus remains on executing our plan to drive sustainable growth and maximise shareholder value.”
On Google’s privacy updates, Criteo notes that the decision not to fully eliminate third-party cookies provides ongoing access to user data for opted-in users. The company plans to leverage this along with Google’s Privacy Sandbox for users who opt out. Criteo is actively testing the Privacy Sandbox.