Financial PerformanceAdj. EBITDA margin was down to 35% from 40% the year prior, primarily driven by higher operating expenses due to increases in sales and marketing, technology and general and administrative expenses.
GuidanceThe beat on the quarter is offset by the lowered guidance range and indications of near-term headwinds due to changes in Google’s treatment of legacy media.
Search LandscapeThe guidance trim in view of changes in the search landscape is likely to draw an offsetting negative reaction to the positive results.