Outbrain Inc. Releases Q3 2024 10-Q Report Highlighting Financial and Operational Performance
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Outbrain Inc., a leading content recommendation platform, has released its Form 10-Q report for the third quarter of 2024. The report provides a detailed overview of the company's financial performance and operational highlights, reflecting its ongoing efforts to enhance user engagement and monetization through advanced technology and product functionality.
Financial Highlights
- Revenue: $224.2 million, reflecting a slight decrease from $230.0 million in the same period last year, with net favorable foreign currency effects of approximately $1.3 million.
- Gross Profit: $48.9 million, with a gross margin of 21.8%, an improvement from the previous year's gross margin of 20.2%.
- Net Income: $6.7 million, representing 13.7% of gross profit, compared to $0.5 million or 1.1% of gross profit in the prior year.
- Net Income Per Share (Basic): $0.14, compared to $0.01 in the same period last year.
- Net Income Per Share (Diluted): $0.01, consistent with the previous year's diluted EPS.
Business Highlights
- Revenue Segments: Outbrain's revenue is generated from advertisers through ads delivered across various media partner properties. The company charges advertisers for clicks and, to a lesser extent, impressions of their ads. Revenue is segmented by geographical areas, with the USA contributing $63.978 million, Europe, the Middle East, and Africa (EMEA) contributing $134.469 million, and other regions contributing $25.730 million for the three months ended September 30, 2024.
- Geographical Performance: The company experienced a decrease in revenue in the USA from $70.018 million in 2023 to $63.978 million in 2024. In contrast, revenue in EMEA remained relatively stable, with a slight decrease from $136.085 million in 2023 to $134.469 million in 2024. Other regions saw an increase from $23.912 million in 2023 to $25.730 million in 2024.
- Sales Units: Outbrain delivered personalized ads to over a billion monthly unique consumers, averaging over 12 billion experiences promoting content, services, and products per day.
- New Product Launches: The company has expanded its demand capabilities to new formats and business lines such as Onyx, a branding platform designed to maximize consumer attention and deliver more effective branding and consideration campaigns.
- Future Outlook: Outbrain is focused on strengthening relationships with media partners by investing in technology and product functionality to drive user engagement and monetization. The company aims to improve its algorithms, manage supply and demand effectively, and expand the adoption of enhanced products by media partners.