Criteo reports 287% increase in net income in 2023 on YoY basis

French online advertising specialist Criteo reported a 0.3% reduction in revenue to $566 million in Q4FY23 from $564 in Q4FY22. In the fiscal year of 2023, the company reported a 3% reduction in revenue to $1,949 million from $2,017 million.

Criteo’s activated media spend was $1.3 billion in Q4FY23 and $4.1 billion in the last 12 months, growing 30% year-over-year at constant currency.

Gross profit increased by 12% in Q4 2023 to $277 million (Q4 2022: $247 million). Net income was $62 million in Q4 2023 as compared to $16 million. It reported 287% increase in net income on YoY basis.

The company’s Marketing Solutions revenue decreased 3% while Retail Media revenue increased 28%. The Marketing Solutions Contribution ex-TAC increased 8%  or 6% at constat currency driven by the continued traction of Commerce Audiences as more clients adopt full funnel activation.

“We achieved double-digit growth for the second consecutive year, with a historic milestone of crossing $1 billion in Contribution ex-TAC for the first time and Retail Media now surpassing $200 million in annual revenue,” said Megan Clarken, Chief Executive Officer of Criteo.

Sarah Glickman, Chief Financial Officer, said, “In 2023, we delivered an adjusted EBITDA margin of 30%,  above guidance, and we deployed $125 million of capital for share repurchases to drive shareholder value. Our record fourth quarter performance reflects building momentum for our  Commerce Media Platform and our strong focus on cost efficiencies, setting the stage for continued growth and robust profitability in 2024.”

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