It looks like the countless hours that Criteo scientists and developers have spent analyzing Apple's and Google's privacy strategies is paying off. Criteo, a global tech commerce media platform, on Wednesday reported that revenue for Q3 2021 grew 13% year-over-year to $211 million, excluding traffic acquisition costs.
The company beat consensus by $595 million, and guided Q4 2021 revenue above analysts’ estimates.
"We've been working on alternative solutions to iOS and Chrome for over two years and are confident in our position today," Criteo CEO Megan Clarken said during the earnings call Wednesday.
Criteo analysts and developers have spent countless hours conducting tests on Apple's and Google's privacy strategies.
In the third quarter of 2021, gross profit rose by 16% year-over-year, or 16% at constant currency, to $176 million.
Analysts polled by Investing.com anticipated earnings per share (EPS) of $0.3516 on revenue of $205.03 million.
One media outlet reported that the “fantastic” quarter sent shares as much as 32.3% higher, but by 12:25 p.m. EDT, the stock had fallen slightly to a gain of 28.4%.
Criteo is on a roll. The company has more than 400 new marketing and brand customers and closed the quarter with close to 22,000 clients. Among those, it added Lowe's, Walmart Canada, BestBuy and Douglas to its Retail Media Platform.
The company reported that is has delivered the highest growth in its New Solutions business in four quarters at 66% year-over-year at constant currency, which now represents 28% of total revenue ex-TAC.
Same-client revenue rose 5% during the quarter. About 60% of its daily active users on the web are addressable through the media owners, as the company continues to build out its first-party media network.
Criteo CFO Sarah Glickman described raising the company’s financial guidance for the full year 2021 “in light of our third quarter outperformance and continued business momentum carrying into the fourth quarter. Importantly, with solid operating margins and strong cash generation, we are well positioned to continue to transform and execute our commerce media vision."
Criteo also gained a chief people officer in September. The company appointed Manuela Montagnana to lead Criteo's People team and talent strategy.In this role, Montagnana will lead the company’s People team, driving talent strategy and playing a role in Criteo’s global workforce of more than 2,500