Israeli app monetization company ironSource (NYSE: IS) beat the analysts in its third quarter results published today and raised its 2021 guidance.
ironSource listed on the NYSE through a SPAC merger in June- the largest SPAC merger by an Israeli company so far, at a market cap of $11.1 billion. The company's share price is currently up 3.16% at $12.42, giving a market cap of $12.583 billion.
ironSource reported revenue of $140 million in the third quarter, 59.6% higher than the corresponding quarter of 2020 and $11 million higher than the analysts' consensus. GAAP net profit was $18.8 million, down 30% from the corresponding quarter of 2020 due to higher operational expenses. Non-GAAP net profit in the third quarter was $46.3 million, or $0.04 per share compared with $0.02 per share in the analysts' consensus.
"We’ve had an excellent quarter, with record revenue of $140 million, growing 60% year-over-year, and a dollar-based net expansion rate of 170%," said Tomer Bar Zeev, CEO and co-founder of ironSource. "Our strong execution, despite the industry challenges around IDFA, is a tribute to our scale and technology advantage, and this growth is ultimately a testament to the strength of our platform-based approach to the App Economy. Beyond strong organic growth, this approach has also driven our M&A strategy, with the announcement of two strategic acquisitions designed to deepen and expand our platform offering to increase our stickiness with customers."
Published by Globes, Israel business news - en.globes.co.il - on November 10, 2021.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.