Criteo Suffers $24 Million Hit Due to Covid-19 as Q1 Revenue Tumbles 10%

An even steeper decline is forecast for Q2

Criteo posted revenues of $503 million for Q1, representing a 10% year-over-year drop, with the ad-tech company stating the Covid-19 crisis impacted revenues by about $24 million during the period.

The latest disclosure comes just three weeks after Criteo withdrew its earlier revenue guidance for the 2020 fiscal year as most advertisers across the globe press pause on ad spend amid the ongoing pandemic.

Despite the overall downturn, Criteo’s revenue excluding traffic acquisition costs (ex-TAC) came in at the upper end of its recently adjusted forecasts during the quarter at $206 million, surpassing market analysts’ expectations.

While Criteo is not in a position to provide investors with an updated forecast for 2020 revenue, its leadership team informed investors that the ongoing Covid-19 crisis will negatively impact its Q2 revenues by between $60 million and $65 million.



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