Criteo announced their Q3 results yesterday which beat all analyst estimates. Announcing €194 million in revenue, which was a 71% y-o-y increase, they easily beat initial analyst estimates of €72.7 million. They also came in strong on the earnings side of things, reporting net income of €11.5 million, up from €3.0 million last year. As a result, they saw a nice 16% jump in after hours trading yesterday.
This growth has been driven by their strategy which centers around product development (i.e continuing to improve their Criteo engine and launch new products), accelerating revenue growth from their existing client-base, and broadening their client and publisher base. While they continue to post strong growth across all geographies, their business has shown the strongest gains in the Americas, with 97% growth, followed by APAC (70%) and Emea (50%).
Criteo has become a force to be reckoned with in the ad world seeing a 42% jump in their number of clients over the past year, including new big-name clients such as Sephora, Ford, Airbnb, and Hyundai. As reported previously, they also have hit the milestone of 1 billion unique users per month. Since their IPO, their growth hasn’t shown any signs of slowing as they’ve grown their client base during this period from 4k to 6.5k and saw post-click ads grow 78%.
CEO JB Rudelle underscored this strong performance adding, “We delivered another record quarter exceeding our expectations. Performance is the cornerstone of our company and we remain focused on our single goal of generating more sales for our clients.”