7th Mar 2023 16:18
(Alliance News) - Tremor International Ltd on Tuesday said its annual profit and revenue fell, despite an increase in revenue in the last quarter of 2022.
Tremor, a New York based advertising-technology company, said its annual profit before tax fell to USD42.4 million in 2022 from USD72.3 million in 2021.
This is because the company's annual revenue also fell to USD335.3 million from USD341.9 million, while its annual operating costs increased to USD229.8 million from USD195.8 million in 2021.
Tremor's net income for the fourth quarter of 2022 fell by 49% to USD22.2 million from USD43.3 million in the final quarter of 2021. Revenue for the quarter, however, saw a 5% increase to USD107 million compared to USD102.5 million in 2021.
Chief Executive Officer Ofer Druker said: "In 2023, we will keep our focus on generating strong profitability and cash flow, deepening revenue relationships with leading brands, agencies, broadcasters, and CTV partners, completing the integration of Amobee, and unifying the company under one brand to more effectively convey the holistic value proposition of our end-to-end technology ecosystem in the market."
Shares were down by 15% at 270.54 pence in London on Tuesday afternoon.
By Sabrina Penty; Alliance News reporter
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