30th May 2023 11:33
Tremor International Ltd - New York-based advertising technology company - Posts revenue of USD71.7 million in the three months ended on March 31, down 11% from USD80.9 million a year earlier. Says the decrease is due to "well-documented" weakness in the financial technology sector. Swings to pretax loss of USD14.4 million from a profit of USD14.6 million, as research and development expenses rise to USD13.2 million from USD6.4 million the year before. Adjusted earnings before interest, tax, depreciation and amortisation fall to USD8.9 million from USD38.7 million. Says the decrease is exacerbated by "a weak advertising environment during the first quarter".
Looking head, expects an ongoing recovery in the advertising demand environment during the second half of the year. Maintains guidance of USD140 million to USD145 million for 2023 adjusted Ebitda.
Chief Executive Officer Ofer Druker says: "During the first quarter we achieved significant progress executing on our strategic vision to combine Tremor International and Amobee into a horizontally integrated CTV- and video-focused technology platform fueled by unique and exclusive data, for the benefit of customers on both sides of the ecosystem."
Current stock price: 256.40 pence each, down 0.9% on Tuesday morning in London
12-month change: down 45%
By Xindi Wei, Alliance News reporter
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