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Criteo (CRTO) Q3 Earnings call transcript Oct 30, 2024

Daily EarningsThursday, Oct 31, 2024 3:59 pm ET

1min read

CRTO -- MSFT -- UAL --

Criteo, a leading independent ad tech company, recently held its third quarter 2024 earnings call, revealing a year of strategic transformation and financial growth. The call was marked by a focus on the company's Commerce Media platform, which is driving innovation and expansion in digital advertising.

Strong Performance and Strategic Shifts

The call began with a recap of Criteo's financial performance, highlighting a 9% year-over-year growth at constant currency in Q3 2024. This growth was driven by strong performance in both Retail Media and Performance Media, with revenue reaching $459 million and contribution ex-TAC increasing to $266 million. The company also highlighted its strategic shifts, including the transition of its largest retailer client to a direct sales model and the acquisition of IPONWEB.

Retail Media: The Future of Digital Advertising

A significant portion of the call was dedicated to Criteo's Commerce Media platform, which is at the forefront of the next wave of digital advertising. The platform, which facilitates targeting of high-intent shoppers, is now the leading independent ad tech company for Commerce Media and the platform of choice for buying and selling Commerce Media. The future of Commerce Media is seen as incredibly exciting, fueled by global e-commerce growth and the rise of consumers engaging with more content and devices than ever before.

Innovation and Strategic Partnerships

Criteo also discussed its strategic partnerships, including its collaboration with Microsoft and United Airlines. The company is working with Microsoft on a retail media investor update on November 18, with expectations of transitioning several retailers to its stack in 2025. The partnership with United Airlines involves curating first-party audiences for broad access through any DSP, showcasing Criteo's global reach and scalability.

Looking Ahead

The call concluded with a positive outlook for the future, with Criteo confident in continuing its positive momentum and executing its strategy to create the world's leading commerce media platform. The company also highlighted its financial strength, with a strong balance sheet and significant cash generation.

Key Takeaways

Criteo's earnings call highlights a company on the move, leveraging its Commerce Media platform to capitalize on the next wave of digital advertising. The strategic partnerships and financial growth indicate a company well-positioned for the future, with a focus on innovation and strategic partnerships. Investors and analysts will be closely watching Criteo's continued growth and strategic moves in the coming quarters.

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