Taboola.Com Ltd TBLA reported third-quarter FY23 revenues of $360.2 million, beating the analyst consensus of $345.1 million. Revenues grew by 8.3% year over year.
The artificial intelligence-enabled public advertising company reported an adjusted EPS of $0.02, beating the analyst consensus of $(0.04) loss.
Gross margin contracted 293 basis points to 28.0%, while gross profit slid 2% to $100.7 million.
Operating loss improved Y/Y to $(18.7) million, compared with $(21.5) million loss a year ago.
The company held cash and cash equivalents worth $250.7 million.
CEO Adam Singolda attributed the performance to the momentum in its core business working with publishers and performance advertisers, Taboola growth engines, namely eCommerce and Taboola News, and its AI-powered bidding technology.
In addition, the company made significant progress with Yahoo in Q3, expressing excitement in becoming the first ever “must buy” ad-platform in the Open Web.
Outlook: Taboola reiterated FY23 revenues outlook of $1.438 billion - $1.469 billion versus the consensus of $1.45 billion.
It expects Q4 revenues of $418 million - $449 million versus the consensus of $450.21 million.
Price Action: TBLA shares are trading higher by 17.20% to $4.08 on the last check Wednesday.
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