Shares of recommendations on the web provider Taboola (NASDAQ:TBLA) are on the rise today after investors were left impressed with the company’s first-quarter showing.
Revenue declined 7.6% year-over-year to $327.68 million but landed past estimates by $15.8 million. Net loss per share at $0.09 too came in better than estimates by about $0.07.
The company saw gains from key publishers alongside strength in eCommerce. Further, Taboola expects to hit $2.5 billion in top-line run rate once its Yahoo integration is live. Additionally, it has also introduced generative AI in beta form in its advertising offerings.
Looking ahead, for the full-year 2023, the company now expects revenue to hover between $1,427 million and $1,469 million. Adjusted EBITDA is anticipated in the range of $65 million and $80 million.
But there’s more, the company has also instituted a share repurchase program worth $40 million. Overall, the Street has a $4.83 consensus price target on Taboola pointing to a 111.8% potential upside in the stock.
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