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Q4 Revenue Growth: Taboola.com Ltd (NASDAQ:TBLA) reported a 13% increase in Q4 2023 revenue year-over-year.
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Adjusted EBITDA: Q4 Adjusted EBITDA reached $50.1 million, surpassing the high end of the company's guidance.
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2024 Outlook: The company projects substantial growth across all key metrics for 2024, with ex-TAC expected to grow by 25% compared to 2023.
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New Buyback Authorization: Taboola announces a new $100 million buyback authorization, representing approximately 6% of the current market cap.
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Strategic Partnerships: Yahoo's contribution is expected to cross $100 million in Q1 2024, and a new iconic consumer brand has selected Taboola as its official advertising partner.
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AI Investments Paying Off: Investments in AI are expected to yield growth in 2024, with the adoption of AI-powered Maximize Conversion.
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Free Cash Flow: Taboola anticipates a Free Cash Flow of over $100 million in 2024, nearly doubling the 2023 figure.
On February 28, 2024, Taboola.com Ltd (NASDAQ:TBLA), a leading technology company specializing in recommendations for the open web, released its 8-K filing, revealing a robust financial performance for the fourth quarter of 2023 and providing an optimistic outlook for 2024. The company, which partners with digital properties to recommend editorial content and advertisements, has seen significant growth, particularly in the United States, which remains its largest revenue source.
Q4 and Full Year 2023 Performance
Taboola's Q4 2023 revenue increased by 13% year-over-year, reaching $419.8 million. The company's ex-TAC Gross Profit for the quarter was $168.5 million, and the Adjusted EBITDA of $50.1 million exceeded the top end of their guidance. Despite a challenging year, Taboola managed to close with a net income of $3.7 million in Q4, signaling a strong end to 2023.
For the full year, Taboola reported revenues of $1,439.7 million and a gross profit of $425.6 million. However, the company faced a net loss of $82.0 million for the year, reflecting the competitive and dynamic nature of the interactive media industry.
Financial Achievements and 2024 Outlook
Taboola's financial achievements in Q4, particularly the growth in Adjusted EBITDA and net income, underscore the company's ability to navigate market challenges and capitalize on its strategic investments, such as its partnership with Yahoo and advancements in AI technology. These achievements are critical for Taboola as they provide the momentum for what is projected to be a record year in 2024.