Criteo S.A. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing a mixed performance in revenue and profitability compared to the previous fiscal period. Total revenue for Q3 2024 was $458.9 million, a decrease of 2% from $469.2 million in Q3 2023. For the nine months ended September 30, 2024, revenue slightly declined to $1.38 billion from $1.38 billion in the same period last year. The decline in revenue was primarily attributed to a 5% decrease in Performance Media revenue, which fell to $398.1 million in Q3 2024 from $419.4 million in Q3 2023. Conversely, Retail Media revenue increased significantly, rising 22% to $60.8 million in Q3 2024, compared to $49.8 million in Q3 2023.
Despite the revenue decline, Criteo's gross profit for Q3 2024 increased by 13% to $231.9 million, up from $205.1 million in Q3 2023. The nine-month gross profit also saw a notable increase, reaching $682 million compared to $586.4 million in the prior year. The company's contribution excluding Traffic Acquisition Costs (Contribution ex-TAC) for Q3 2024 was $266.1 million, an 8% increase from $245.4 million in Q3 2023, driven by growth in both Retail and Performance Media segments.
Criteo reported a net income of $6.1 million for Q3 2024, a slight decrease from $6.6 million in Q3 2023. However, for the nine months ended September 30, 2024, net income surged to $42.8 million, compared to a net loss of $7.4 million in the same period last year. The increase in net income was attributed to higher Contribution ex-TAC, despite rising operating expenses.
The company’s cash and cash equivalents decreased to $208.7 million as of September 30, 2024, down from $336.3 million at the end of 2023. Criteo's total assets also declined to $2.21 billion from $2.43 billion at the end of the previous fiscal year. The company has continued its share repurchase program, with an extension approved for up to $630 million as of February 2024.
Strategically, Criteo has restructured its reporting segments into Retail Media and Performance Media, aligning with its business transformation into a multi-solution platform provider. The company also faced regulatory challenges, including a €40 million fine related to GDPR violations, which it is appealing. Overall, Criteo's financial results reflect a complex landscape of growth in certain areas while navigating declines in others, alongside ongoing strategic adjustments and regulatory hurdles.
About Criteo S.A.
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