Taboola Beats Q1 Expectations Ahead of Planned IPO
It brought in more than $300 million.
Taboola, the Israeli web content recommendation company, had a better than expected first quarter for 2021. Taboola reported revenues of $300 million to $303 million, versus the prior projection of just $286 million. Hopefully this is a sign that the world is headed out of the Coronavirus recession.
The company also reported better than expected Gross Profit in the range of $87 million to $90 million, versus the prior projection of $78 million; and ex-TAC Revenues in the range of $104 million to $107 million, versus the prior projection of $95 million.
This is also great news for Taboola’s investors as the company readies itself for a NASDAQ IPO. According to a report in Globes, the company expects to come out of its IPO with a $3 billion valuation.
Founded in 2007, Taboola states that it helps people find relevant content online, matching them with news stories, articles, blogs, videos, apps, products and other content they’re likely to want to explore.
How does Taboola know what people will like? The company boasts that its technology uses machine-learning algorithms to analyze hundreds of signals that capture exactly what kind of content each individual is most likely to engage with. Taboola says that it does that more than 450 billion times a month for more than one billion unique users.
— Taboola (@taboola) April 20, 2021
Adam Singolda, Taboola’s Founder and CEO, commented, “The first quarter has been an exciting period for Taboola: we announced our intention to merge with ION Acquisition Corp. 1 Ltd. (NYSE:IACA), which is proceeding on schedule; and we continued to see strong performance in our core business that powers recommendations across the open web. While Q1 has historically been a seasonally slower period for the industry, our performance was stronger than anticipated. Additionally, we have continued to focus on pursuing our growth initiatives and recently announced a new high impact placement initiative developed for brand marketers and agencies to help drive brand awareness. I could not be more excited to embark on our new journey as a public company; we are looking forward to completing our transaction in the second quarter of 2021 and capitalizing on our momentum to further strengthen our position in the $64 billion Open Web market.”