Why Criteo Stock Skyrocketed Today
Shares of Criteo (NASDAQ: CRTO) have skyrocketed today, up by 18% as of 11:50 a.m. EDT, after the company raised its guidance for Q2. The update comes about a month after the advertising tech specialist said that market conditions had "improved meaningfully" in May.
Revenue excluding traffic acquisition costs (ex-TAC) for the second quarter should be in the range of $174 million to $175 million, or down roughly 19% year over year on a constant currency basis. That includes a negative impact from COVID-19 of $40 million. Criteo's guidance from April had called for revenue ex-TAC of $140 million to $147 million, and the June update did not include a specific forecast. Business in the Americas and EMEA (Europe, Middle East, and Africa) segments, as well as the retail media solutions division, was better than expected.
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Source Fool.com
