Israeli content recommendation company Taboola today announced strong preliminary results for the first quarter of 2021 ahead of its SPAC merger with ION Acquisition Corp. 1 (NYSE: IACA), (led by Jonathan Kolber and Gilad Shani), which will see it list on Wall Street, at a company valuation of $2.6 billion.
Taboola's revenue in the first quarter of 2021 was in the range of $300 million to $303 million, beating the prior projection of $286 million, and 8% higher than the $279 million in revenue in the first quarter of 2020. Gross profit was in the range of $87 million to $90 million, higher than the prior projection of $78 million.
Taboola founder and CEO Adam Singolda said, "The first quarter has been an exciting period for Taboola: we announced our intention to merge with ION Acquisition Corp. 1 Ltd., 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."
He added, "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."
Published by Globes, Israel business news - en.globes.co.il - on April 20, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021