Criteo's Q4 2024: Dissecting Contradictions in Retail Media Growth and Google's Privacy Shifts

These are the key contradictions discussed in Criteo's latest 2024Q4 earnings call, specifically including: Retail Media growth expectations and strategy, Amazon's Retail Media Service, Google's Privacy Changes, and Google's Cookie Deprecation Timing:



Record Financial Performance and Growth:
- Criteo reported revenue of $1.9 billion for fiscal year 2024, delivering double-digit growth for the third consecutive year, and an expanded adjusted EBITDA margin for the second consecutive year.
- The growth was driven by a significant shift in the top-line mix, with retail media business exceeding $250 million in revenue, and a 31% year-over-year growth in media spend.

Strong Retail Media Performance:
- Retail media revenue reached $258 million, with contribution ex-TAC up 25% year-over-year at constant currency.
- The growth was attributed to strong performance across all categories during the traditional Cyber Six peak and significant momentum with new partnerships and strategic collaborations.

AI Innovation and Productivity:
- The company's AI-driven performance enhancements and the launch of Commerce GO! contributed to a significant increase in media spend by 45% sequentially in Q4.
- This innovation enabled faster campaign creation and management, optimizing client budgets and driving superior outcomes.

Agency Business Expansion:
- Criteo's agency business growth outpaced the growth of the rest of the business in 2024, with a 50% increase in U.S. holdco agency engagement.
- This expansion is attributed to agencies leveraging Criteo's comprehensive commerce media platform as an enterprise play.