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Ibotta Q3 revenue beats analyst estimates on strong consumer demand

By Reuters News


Overview

  • US performance marketing platform's Q3 revenue rose 17% yr/yr, beating analyst expectations

  • Adjusted EBITDA for Q3 rose 43% yr/yr, beating analyst expectations

  • Company repurchased 0.4 mln shares for $14.4 mln in Q3


Outlook

  • Ibotta sees Q4 revenue between $94 mln and $98 mln

  • Company expects Q4 adjusted EBITDA of $15 mln to $17 mln

  • Ibotta expects redemption activity to ramp in coming quarters with new publisher launches


Result Drivers

  • OFFER SUPPLY AND DEMAND - Co attributed growth in redemption revenue and redeemer base to increased advertiser offer supply and strong consumer demand

  • THIRD-PARTY PUBLISHERS - Co said growth in third-party publisher redemptions contributed to overall results

  • NEW PARTNERSHIPS - Co launched digital promotions with new retailers, including Giant Eagle, contributing to redemption activity


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

$97.80 mln

$88.68 mln (8 Analysts)

Q3 Net Loss

$3.50 mln

Q3 Adjusted EBITDA

Beat

$23.80 mln

$13.50 mln (9 Analysts)

Q3 Adjusted EBITDA Margin

24.30%

Q3 Free Cash Flow

$16.80 mln


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 6 "hold" and 2 "sell" or "strong sell"

  • The average consensus recommendation for the online services peer group is "buy."

  • Wall Street's median 12-month price target for Ibotta, Inc. is $38.00, about 21.8% below its October 30 closing price of $48.62


Reuters Recommended Reads

  • Nov 2 - Lattice Semiconductor Q3 revenue more than doubles on AI-driven FPGA demand, AMI acquisition

  • Nov 2 - Syndax Pharmaceuticals Q3 revenue rises 82% on cancer drug sales

  • Nov 2 - Palantir tops third-quarter revenue estimates on strong AI software demand


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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