Innovid Updates 2024 Guidance; Announces Stock Repurchase Program - Update

(RTTNews) - (Adds Outlook, share buyback)

Innovid Corp. (CTV) said the company now expects fiscal 2024 revenue in a range between $150.5 million and $152.5 million, and adjusted EBITDA in a range between $26.7 million and $28.7 million. In August, the company anticipated: revenue in a range between $156 million and $163 million, and adjusted EBITDA in a range between $24 million and $29 million.

The company expects fourth quarter revenue in a range between $37.5 million and $39.5 million; and adjusted EBITDA in a range between $8.0 million and $10.0 million.

Innovid's board of directors authorized the company to implement a stock repurchase program of up to $20 million.

Q3 Results:

Net income was $4.7 million, compared to a net loss of $2.7 million for the same period in 2023. Profit per share was $0.03 compared to a loss of $0.02. Adjusted EBITDA was $8.4 million, an increase of 29%. Revenue was $38.3 million, a year-over-year growth of 6%.

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