Observed Signal · Nov 1, 2018 · Earnings Report · Source: OnlineMarketing.de · Impact: 4/5 · Sentiment: Neutral
Criteo Q3: Customers Up, Revenue Decline
Criteo reported its third-quarter 2018 results with revenue of $529 million, down 6% year over year. Revenue excluding traffic acquisition costs (ex-TAC) was $223 million, representing 42% of total revenue. Adjusted EBITDA fell 12% to $70 million, or 31% of revenue ex-TAC. Free cash flow stood at $21 million. The company ended the quarter with more than 19,000 Commerce and Brand customers, up 11% year over year. Criteo also announced the acquisition of Manage.com, an in-app advertising solution, and disclosed that the board approved an $80 million share repurchase program. Management framed the results within its transition to a multi-product company and ongoing sales transformation, with CEO Jean-Baptiste Rudelle and CFO Benoit Fouilland emphasizing continued customer trust and product expansion like the Direct Header bidding technology.
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Key Takeaways & Evidence Grounding
- Criteo acquired Manage.com, an in-app advertising solution.
- Board approved an $80 million share repurchase program.
- Q3 2018 revenue was $529 million, down 6% YoY.
- Revenue ex-TAC was $223 million, representing 42% of total revenue.
- Commerce and Brand customers total over 19,000, up 11% YoY.
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Apple iOS 27 Blocks The Trade Desk from Serving Safari Ads
Apple's iOS 27, released mid-September, has blocked major programmatic data firms—including The Trade Desk, LiveRamp, ID5, Permutive, and Audigent—from serving ads or collecting data in Safari via a WebKit blocklist. This dynamic, privately hosted blocklist prevents ad delivery on iPhones, iPads, and macOS, affecting CDPs, DMPs, and DSPs. The Trade Desk's adsrvr.org was removed in iOS 27.2 beta, but Apple plans a broader blocklist covering hundreds of ad tech and martech vendors, disrupting ad serving, attribution, and alternative IDs. Unlike ATT, this fully blocks ad delivery, raising competitive concerns, especially if Google is exempt. Some vendors like LiveIntent and Lotame remain unaffected, but the block reduces publisher demand and shifts market composition. It follows regulatory actions in Europe and a UK class action, with Germany's Bundeskartellamt concluding in mid-2026. IAB Tech Lab's Trusted Server is a proposed solution, but adoption is slow. Impact is currently limited by low iOS 27 adoption but expected to grow.
OpenAI's Path to $25B Ad Revenue: Five Key Hurdles
OpenAI's advertising business, launched seven months ago, is reportedly achieving a $1 billion annualized revenue run rate, with projections of $25 billion in ad revenue by end of this year and $100 billion by 2030. However, advertisers cite significant barriers to scaling spend beyond test budgets. Key challenges include inadequate measurement and attribution, rigid contract terms causing data and liability concerns, insufficient inventory, and the need to expand the advertiser base to include SMBs via integrations like Shopify. To support this growth, OpenAI is partnering with ad tech firms like Criteo and Kargo to broaden reach. Infrastructure development is also critical to meet demand. Industry observers note that OpenAI must address these issues to compete with established platforms like Google and Meta, especially given rising AI safety and privacy concerns.
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