Taboola soars on Q2 revenue beat, upbeat FY forecast

Taboola.Com

09/08/2023 18:46

** Shares of digital advertising company Taboola  TBLA.O  up
15.43% at $3.89 in afternoon trade 
    ** Posts Q2 revenue of $332.0 mln, beating expectation of
$315.44 mln 
    ** Raises the mid-point of 2023 guidance for revenue and
gross profit
    ** Sees 2023 revenue between $1,438 mln and $1,469 mln, from
earlier expectations of $1,427 mln to $1,469 mln 
    ** Reiterates 2024 guidance of more than $200 mln in
adjusted EBITDA and more than $100 mln in free cash flow
    ** "Seeing ecommerce and Taboola News significantly
outpacing our expectations" - CEO Adam Singolda 
    ** Six of seven brokerages rate the stock "buy" or higher
and one "hold"; their median PT is $5.25
    ** Including sessions moves, stock up 25% YTD 

 (Reporting By Akshita Toshniwal in Bengaluru)
 ((Akshita.Toshniwal@thomsonreuters.com))