Observed Signal · Feb 12, 2020 · Earnings Report · Source: OnlineMarketing.de · Impact: 4/5 · Sentiment: Negative
Criteo 2019 Results: Revenue Decline, Stock Drop
French adtech company Criteo reported weaker 2019 results, with both Q4 and full-year revenue down versus 2018. At constant currencies, Q4 2019 revenue was $653 million, a 2% decline, and full-year revenue totaled $2.262 billion, down 2%. Despite softer sales, the company’s adjusted EBITDA rose in Q4 2019 to $109 million, up 5% year over year, and reached $299 million for the full year. Operating cash flow in 2019 was $223 million, with free cash flow of $125 million. The weaker top line coincided with broader market concerns after Google announced plans to block third-party cookies in Chrome, a development that could affect Criteo’s retargeting business. CEO Megan Clarken, who assumed the role in October 2019, described the year as a transition and expressed cautious optimism about strategic priorities and opportunities ahead. 2020 guidance implied a revenue decline of about 10% excluding TAC.
Earnings report; potential impact from Google cookie deprecation on AdTech
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Key Takeaways & Evidence Grounding
- Q4 2019 revenue: $653 million, down 2% YoY
- Full-year 2019 revenue: $2.262 billion, down 2% YoY
- Q4 2019 adjusted EBITDA: $109 million, up 5% YoY
- Full-year 2019 adjusted EBITDA: $299 million
- 2020 revenue guidance: decline of about 10% ex-TAC
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Criteo Posts Weaker Q1 2026, Lowers Guidance
Criteo reported a soft start to fiscal 2026, with Q1 revenues and profits declining and the company lowering its full-year outlook. Revenue fell 6% year-over-year to $425 million, while Contribution ex-TAC dropped 5% to $250 million (both -9% on a constant-currency basis). Retail media was hit hardest — revenue and Contribution ex-TAC each fell 31% due to announced scope changes at two large retail customers (Criteo says underlying retail media would have grown ~24% excluding that effect). Performance media remained more stable (revenue -2%, Contribution ex-TAC +2%), supported by SSP growth and adtech services. Net income fell to $9 million from $40 million a year earlier; adjusted EBITDA declined from $92 million to $65 million. Criteo cited higher operating costs from growth investments, holds ~$371M in cash and securities (about $889M total liquidity including credit lines), and now expects a low-single-digit currency-adjusted decline in Contribution ex-TAC for the year. CFO Sarah Glickman flagged Middle East geopolitical tensions and cautious US performance ad budgets as risk factors.
US Government Excludes Microsoft from Visa Program
The US government has barred Microsoft from participating in the permanent residency process for foreign workers with H-1B visas, accusing the company of abusing the program. Vice President JD Vance stated that Microsoft laid off 6,000 American employees last year while benefiting from 6,300 H-1B visa holders. The Department of Labor, led by Keith Sonderling, will not accept new permanent residency applications from Microsoft, as well as several consulting firms and Adobe. This action comes weeks before the midterm elections and reflects the Trump administration's broader criticism of the H-1B program, which it claims disadvantages American workers. Microsoft has not yet responded. The move could impact the tech industry's ability to retain skilled foreign talent.
Amazon unveils new Alexa tablets with AI and Google Play
Amazon has announced a new generation of tablets under the Alexa brand, including the Alexa Tablet 12 Pro, Alexa Tablet 11, and Alexa Tablet 8. All devices run on Android, integrate the AI assistant Alexa+, and for the first time offer direct access to the full Google Play Store, allowing users to install apps like YouTube, Netflix, and Gmail alongside Amazon services. The tablets feature various screen sizes, processors, and battery lives, with prices starting at $229.99. A special Kindle reading mode and new kids' models with parental controls have also been introduced. Sales begin in North America on October 8, with shipping from October 14, and European availability, including Germany, starts October 19.
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