Q3 2024 Criteo SA Earnings Call Transcript
Key Points
- Criteo SA (CRTO) reported strong Q3 results with robust top-line growth, achieving a 9% increase in contribution ex-TAC at constant currency.
- Retail media segment showed significant growth, with a 23% increase in contribution ex-TAC, driven by strong performance in the US, Germany, and the UK.
- The company successfully doubled its brand count and activated media spend over the past two years, reaching $1.5 billion on a trailing 12-month basis.
- Criteo SA (CRTO) continues to expand its global footprint, securing new retail partnerships with major retailers like JCPenney, Office Depot, and Metro AG.
- The company is leveraging AI-driven performance enhancements, which contributed to a double-digit million range increase in contribution ex-TAC within performance media.
- Criteo SA (CRTO) faces challenges with lower adtech services and supply, primarily due to reduced spend from a large adtech client.
- The company is experiencing some crowding out on supply due to political advertising, affecting retailer spending decisions.
- There is a noted softness in consumer discretionary categories, with some larger enterprise clients in the US reducing their marketing budgets.
- The transition of Criteo's largest retailer client to a direct sales model is expected to impact take rates in the future.
- Criteo SA (CRTO) is dealing with the impact of foreign currency headwinds, which affected Q3 results by $1 million.
Good morning, and welcome to Criteo's third-quarter 2024 earnings call. (Operator Instructions)
Please note, this event is being recorded. I would now like to turn the conference over to Melanie Dambre, Vice President of Investor Relations. Please go ahead.
Good morning, everyone, and welcome to Criteo's third-quarter 2024 earnings call. Joining us on the call today, Chief Executive Officer, Megan Clarken; and Chief Financial Officer, Sarah Glickman. I'm going to share some prepared remarks. Todd Parsons, our Chief Product Officer, will join us for the Q&A session. As usual, you will find our investor presentation on our IR website now as well as our prepared remarks and transcript after the call.
Before we get started, I would like to remind you that our remarks will include forward-looking statements which reflect Criteo's judgments, assumptions and analysis only as of today. Our actual results may differ materially from current expectations based on a number of factors affecting
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