Innovid Corp. (CTV), an independent advertising platform, on Monday, reported loss for the second quarter compared to earnings for the same period prior year, reflecting a one-time non-cash goodwill impairment expense. The results also missed market expectations. However, revenue improved 4 percent from last year.
The company also raised its next quarter and full-year earnings and revenue guidance.
The company reported net loss of $19 million or $0.14 loss per share compared with earnings of $4.3 million or $0.03 per share last year, on a one-time non-cash goodwill impairment expense of $14.5 million resulting from a decline in share price during the second quarter.
On average, three analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share for the quarter. Analysts’ estimates typically exclude one-time items.
Adjusted EBITDA was $4.5 million with a margin of 13 percent.
Revenues, however, increased to $34.5 million from $33.08 million for the same period, last year. The Street estimate for revenue was $32 million.
Looking ahead to the third quarter, the company now expects revenue in a range between $33 million and $35 million. Previously it expected in a range between $31 million and $33 million. The Street estimate for revenue is $32.8 million.
Adjusted EBITDA is now expected in a range between $3 million and $5 million. Previously, the company expected it in a range between $0 and $2 million.
Looking forward to the full year, the company now expects revenue in the range between $132 million and $136 million. Previously it expected revenue to be slightly higher than the revenue in fiscal 2022. The Street estimate for revenue is $131.03 million.
The company now expects an adjusted EBITDA margin of at least 10 percent for the full year compared to the previous outlook of at least 5 percent for the full year.
In pre-market activity, Innovid shares are trading at $1.17, up 4.46% on the New York Stock Exchange.
Source: Read Full Article