Taboola (NASDAQ:TBLA) has secured a deal with Apple (NASDAQ:AAPL) to integrate native ads into the Apple News and Apple Stocks apps, according to an exclusive Axios report. The deal boosted the ad tech company’s shares in pre-market trading on Wednesday. TBLA has declined by more than 15% year-to-date.
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Details of the Taboola-AAPL Deal
As a part of this deal, Taboola will be an authorized advertising reseller for Apple News and Apple Stocks. As an authorized reseller, Taboola will place ads in the main feeds and articles of Apple News and Apple Stocks in the U.S., U.K., Canada, and Australia.
This partnership is expected to enhance Taboola’s adtech business which saw annual revenues of $1.4 billion in FY23.
AAPL’s Ad Business Is Expanding
This deal is also an indication that Apple is expanding its ad business. According to the Axios report, citing eMarketer, Apple is likely to generate $10.34 billion in advertising revenues this year globally. The company stated last year that it sold more than 1 billion subscriptions to its paid apps, which include Apple News and Apple Stocks.
Is TBLA a Buy?
Analysts remain bullish about TBLA stock, with a Strong Buy consensus rating based on five Buys and one Hold. The average TBLA price target of $5.70 implies an upside potential of 64.7% from current levels.
