Criteo's Q2 2025 Earnings Call: Examining Contradictions in Retail Media Growth and Macro Trends
Generated by AI AgentAinvest Earnings Call Digest
Wednesday, Jul 30, 2025 12:09 pm ET1min read
CRTO--
Aime Summary
Aime SummaryRetail Media growth and client transition, impact of macroeconomic factors, retail media growth drivers and market positioning, MicrosoftMSFT-- partnership and contribution timeline, agency spending and growth drivers are the key contradictions discussed in Criteo's latest 2025Q2 earnings call.
Revenue and Contribution Growth:
- CriteoCRTO-- reported revenue of $483 million for Q2 2025, and contribution ex-TAC increased to $292 million.
- This reflects a 7% year-over-year growth at constant currency, representing 21% on a 2-year stack basis.
- The growth was driven by disciplined cost management, strong execution, and strategic investments in Performance Media and Retail Media.
Performance Media Performance:
- Performance Media revenue was $422 million, with contribution ex-TAC at $232 million, up 6% at constant currency.
- The growth was supported by Commerce Audiences and retargeting, despite lapping significant AI enhancements from the previous year.
- The sequential improvement was due to strong demand from SMB advertisers and lower churn, positioning Commerce GO! as a multiyear growth driver.
Retail Media Expansion:
- Retail Media revenue was $61 million, with contribution ex-TAC growing 11% at constant currency, in line with expectations.
- This represents a 35% increase on a 2-year stack basis, driven by continued strength in on-site and off-site campaigns.
- The growth was supported by new retailer signings, strong retention rates, and expansion into new regions and verticals.
AI and Agentic Commerce Initiatives:
- Criteo is actively advancing its Agentic AI strategy, building tools to integrate with LLM vendors and retailers.
- The company is leveraging its unique commerce data and AI capabilities to offer product recommendations and targeted advertising in AI-driven environments.
- These efforts are aimed at capitalizing on the growing trend of AI assistance and agents in consumer shopping and decision-making processes.
Revenue and Contribution Growth:
- CriteoCRTO-- reported revenue of $483 million for Q2 2025, and contribution ex-TAC increased to $292 million.
- This reflects a 7% year-over-year growth at constant currency, representing 21% on a 2-year stack basis.
- The growth was driven by disciplined cost management, strong execution, and strategic investments in Performance Media and Retail Media.
Performance Media Performance:
- Performance Media revenue was $422 million, with contribution ex-TAC at $232 million, up 6% at constant currency.
- The growth was supported by Commerce Audiences and retargeting, despite lapping significant AI enhancements from the previous year.
- The sequential improvement was due to strong demand from SMB advertisers and lower churn, positioning Commerce GO! as a multiyear growth driver.
Retail Media Expansion:
- Retail Media revenue was $61 million, with contribution ex-TAC growing 11% at constant currency, in line with expectations.
- This represents a 35% increase on a 2-year stack basis, driven by continued strength in on-site and off-site campaigns.
- The growth was supported by new retailer signings, strong retention rates, and expansion into new regions and verticals.
AI and Agentic Commerce Initiatives:
- Criteo is actively advancing its Agentic AI strategy, building tools to integrate with LLM vendors and retailers.
- The company is leveraging its unique commerce data and AI capabilities to offer product recommendations and targeted advertising in AI-driven environments.
- These efforts are aimed at capitalizing on the growing trend of AI assistance and agents in consumer shopping and decision-making processes.
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