Ibotta Q2 revenue beats estimates on redemption growth
IBTA•Outlook
- Ibotta sees Q3 revenue of $86 mln to $90 mln, up 6% at midpoint
- Company expects Q3 adjusted EBITDA of $12 mln to $14 mln, margin of 14.8% at midpoint
- Ibotta expects Uber partnership to ramp in coming months
Overview
- US performance marketing platform's Q2 revenue grew 3% yr/yr, beating analyst expectations
- Adjusted EBITDA for Q2 beat consensus, with margin at 18.6%
- Company repurchased 0.7 mln shares for $23 mln during the quarter
Result drivers
- Advertiser offer supply - Co said 10% yr/yr growth in redemption revenue was driven by increased advertiser offer supply and strong execution
- Third-party publisher growth - 27% yr/yr increase in third-party publisher redemptions and 24% rise in redeemers supported overall revenue growth
- Direct-to-consumer decline - Direct-to-consumer redemptions and revenue fell, partially offsetting gains from third-party publishers
Key details and analyst coverage
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