Online recommendations provider Taboola.com Ltd. (NASDAQ:TBLA) has reported better-than-expected third-quarter numbers but trimmed its outlook.
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Revenue declined 1.9% year-over-year to $332.5 million but managed to come in ahead of expectations by ~$10.4 million. EPS at $0.04, on the other hand, was a surprise over the Street’s estimates of a $0.12 net loss per share.
Further, the company is making investments in e-Commerce, Taboola News, and Taboola Header Bidding which provides it a footprint in newer markets.
The Taboola Header Bidding is now utilized by more than 50 publishers globally and Taboola News remains on path to exceeding $50 million in revenues this year.
Impressively, Taboola News is now clocking a triple-digit growth rate. For 2022, the company now expects revenue to range between $1.388 million and $1.404 million. It had earlier guided for revenue between $1.434 million and $1.474 million.
Adjusted EBITDA is seen landing between $152 million and $160 million. Taboola shares have tanked nearly 83% over the past 52 weeks.
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