Observed Signal · Aug 27, 2024 · Earnings Report · Source: Quo Vadis News · Impact: 4/5 · Sentiment: Positive
2Q24 AdTech Core10 Portfolio Update
Quo Vadis reports that the 2Q24 earnings period was favorable for adtech, with the AdTech Core10 portfolio delivering healthy growth and rising margins. Core10 posted 17% year-over-year revenue growth and about 9% EBIT margins in Q2 2024, improving from the prior-year quarter where growth was 11% and EBIT margins were –5.3%. The piece notes Cadent’s acquisition of AdTheorent and the renaming of AdTech18 to AdTech17, plus the portfolio’s 675% total return since January 2018. Individual components showed varied trajectories: The Trade Desk, Criteo, Magnite, PubMatic, DoubleVerify, Integral Ad Science, Taboola, and Outbrain all reported double-digit revenue growth in Q2 2024; Taboola’s margins improved from –20% to –5%, while IAS reached 11.2% EBIT margins. Outbrain announced a $1B+ Teads acquisition via private equity. Yahoo supply supported certain metrics, and TBLA’s deal with Apple was highlighted as a potential catalyst. The outlook suggests continued volatility but an overall positive path into 2024’s latter quarters.
Earnings update and portfolio-wide performance in AdTech; industry-wide implications for growth and margins.
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Key Takeaways & Evidence Grounding
- AdTech Core10 Q2 2024: 17% YoY revenue growth; EBIT margins ~9%.
- Taboola Q2 2024: 21% revenue growth; EBIT margins improved from -20% to -5%.
- Magnite Q2 2024: 6.5% operating margin; 9% revenue growth.
- IAS Q2 2024: 11.2% EBIT margins; DV posted similar revenue growth with lower margins.
- Outbrain acquired Teads for around $1B via private equity financing.
Connected Companies & Entities
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