Stock Track | Taboola Soars 7.8% Premarket on Strong Q3 Results, Upbeat Outlook

Stock Track11-07

Shares of Taboola.com Ltd (NASDAQ: TBLA) surged 7.78% in pre-market trading on Tuesday, November 7, 2024, after the digital advertising platform reported better-than-expected third-quarter revenue and raised its full-year free cash flow guidance.

For the third quarter of 2024, Taboola reported revenue of $433.0 million, beating analysts' estimates of $429.4 million. While adjusted earnings per share of $0.06 missed estimates of $0.08, the company posted strong year-over-year growth, with revenue increasing 20%, ex-TAC gross profit rising 30%, adjusted EBITDA surging 110%, and free cash flow jumping 88%.

Looking ahead, Taboola reiterated its full-year 2024 guidance, projecting revenue of $1.75 billion (up 22% year-over-year), ex-TAC gross profit of $667 million (up 25%), and adjusted EBITDA of over $200 million (more than double year-over-year). Additionally, the company raised its 2024 free cash flow target to over $105 million, up from the previous target of over $100 million.

Taboola highlighted several business developments that contributed to its strong performance, including the launch of Abby, an advanced AI assistant for advertisers; increased adoption of its Max Conversions platform; robust demand from Tier 1 brands and agencies, particularly in the auto, e-commerce, and finance sectors; and significant commercial traction with Apple News/Stocks.

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