Over the past few months many Israeli tech firms have begun trading on Wall Street and are now publishing their first financial results since listing. Among them is ironSource (Nasdaq: IS), which has developed a platform for the apps market and in June completed a SPAC merger at a company valuation of $11.1 billion. The company's share price is up 2.74% today at $9, giving a market cap of $9.11 billion.
ironSource reported $135 million revenue in the second quarter of 2021, up 82.6% from the second quarter of 2020, and up 12.8% from the preceding quarter. Revenue in the first half of 2021 was $225 million, up 88.5% from the corresponding period of 2020. GAAP net profit was $10 million, down from $23.2 million in the corresponding quarter of 2020. In the first half of the year GAAP net profit was $20.2 million, down from $46.4 million in the first half of 2020. The fall in profit was mainly due to a halt in activities prior to the merger.
Non-GAAP net profit in the second quarter was $39.8 million ($0.04), up 129% from the corresponding quarter of 2021.
ironSource reported that it had 309 customers who each contributed revenue of above $100,000 over the past 12 months.
ironSource sees revenue of $125-130 million in the third quarter of 2021, up 45% from the third quarter of 2020, but lower than second quarter revenue.
ironSource cofounder and CEO Tomer Bar Zeev said, "Our revenue growth is driven by app developers and telecom operators who have been using the ironSource platform to grow their user base, expand engagement, and monetize their apps. We are very pleased to start our public company journey with such strong quarterly results, and believe they are a testament to the comprehensiveness of our platform, and the true value it provides to our customers’ businesses across the App Economy."
Published by Globes, Israel business news - en.globes.co.il - on August 11, 2021
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