Innovid Trims FY22 Revenue Outlook – Update

While reporting financial results for the third quarter on Friday, advertising platform Innovid Corp. (CTV) provided revenues guidance for the fourth quarter and trimmed its revenue outlook for the full-year 2022.

For the fourth quarter, the company expects revenue to be in the range of $34 million to $36 million, reflecting 31% to 39% year-over-year growth on an as-reported basis, and 6% to 12% year-over-year growth on a pro forma basis when including TVSquared revenue.

On average, analysts polled by Thomson Reuters expected the company to report revenues of $594.76 million for the quarter

Looking ahead to fiscal 2022, Revenue is expected to be in the range of $127 million to $129 million including TVSquared, a year-over-year increase of approximately 41% to 43% growth on an as-reported basis, and 17% to 19% year-over-year growth on a pro forma basis when including TVSquared revenue. Previously, the company estimated revenues between $127 million and $132 million.

The Street is looking for revenues of $129.92 million for the year.

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Innovid Corp. Q3 sales increase

Innovid Corp. (CTV) reported Loss for third quarter of -$11.83 million

The company’s bottom line totaled -$11.83 million, or -$0.09 per share. This compares with -$8.45 million, or -$0.45 per share, in last year’s third quarter.

The company’s revenue for the quarter rose 46.9% to $34.47 million from $23.47 million last year.

Innovid Corp. earnings at a glance (GAAP) :

-Earnings (Q3): -$11.83 Mln. vs. -$8.45 Mln. last year.
-EPS (Q3): -$0.09 vs. -$0.45 last year.
-Revenue (Q3): $34.47 Mln vs. $23.47 Mln last year.

-Guidance:
Next quarter revenue guidance: $34 – $36 Mln
Full year revenue guidance: $127 – $129 Mln

Pre-market Movers: SNAL, VS, OLMA, MTTR, HLTH…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 07.00 A.M. ET).

In the Green

Snail, Inc. Class A Common Stock (SNAL) is up over 70% at $3.84
Versus Systems Inc. (VS) is up over 26% at $3.80
Olema Pharmaceuticals, Inc. (OLMA) is up over 23% at $4
Matterport, Inc. (MTTR) is up over 23% at $3.73
Cue Health Inc. (HLTH) is up over 20% at $4.95
Doximity, Inc. (DOCS) is up over 18% at $31.32
Gravity Co., Ltd. (GRVY) is up over 16% at $59.50
Primerica, Inc. (PRI) is up over 10% at $153.26
Prudential plc (PUK) is up over 9% at $23.85
KE Holdings Inc. (BEKE) is up over 8% at $12.32
ImmunoPrecise Antibodies Ltd. (IPA) is up over 8% at $5.51
SoundHound AI, Inc. (SOUN) is up over 7% at $2.03
Houston American Energy Corp. (HUSA) is up over 5% at $4.48

In the Red

Tattooed Chef, Inc. (TTCF) is down over 19% at $3.54
AirSculpt Technologies, Inc. (AIRS) is down over 18% at $3.85
Biohaven Ltd. (BHVN) is down over 11% at $14
FIGS, Inc. (FIGS) is down over 10% at $5.88
SeaStar Medical Holding Corporation (ICU) is down over 10% at $5.43
Silvergate Capital Corporation (SI) is down over 6% at $30.50
Invitae Corporation (NVTA) is down over 6% at $2.91
RELX PLC (RELX) is down over 5% at $26.31
Satixfy Communications Ltd. (SATX) is down over 5% at $10.90

Thomson Reuters To Acquire SurePrep – Quick Facts

Thomson Reuters Corp. (TRI,TRI.TO) has signed an agreement to acquire SurePrep for $500 million in cash. SurePrep is focused on helping accounting firms increase productivity and profitability while promoting a completely digital tax workflow. SurePrep’s products and solutions are used by over 23,000 tax professionals at CPA firms, wealth management firms and others. Thomson Reuters and SurePrep have been partnering since April 2022, providing complementary solutions.

Thomson Reuters expects SurePrep to generate approximately $60 million of revenue in 2022 and grow in excess of 20% annually in the next few years. Adjusted EBITDA is expected to be neutral in the first year, followed by annual increases thereafter.

Thomson Reuters expects to receive an estimated tax benefit with a net present value at time of purchase of approximately $60 million as part of the deal.

Hydro One Ltd. Bottom Line Rises In Q3, Beats estimates

Hydro One Ltd. (H.TO) revealed a profit for its third quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled C$307 million, or C$0.51 per share. This compares with C$300 million, or C$0.50 per share, in last year’s third quarter.

Analysts on average had expected the company to earn C$0.49 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 6.2% to C$2.031 billion from C$1.913 billion last year.

Hydro One Ltd. earnings at a glance (GAAP) :

-Earnings (Q3): C$307 Mln. vs. C$300 Mln. last year.
-EPS (Q3): C$0.51 vs. C$0.50 last year.
-Analyst Estimate: C$0.49
-Revenue (Q3): C$2.031 Bln vs. C$1.913 Bln last year.

CNN reporter shows what consumer price growth means for inflation

Minneapolis (CNN Business)Consumers were feeling slightly worse about the US economy in November, amid punishing rate hikes and decades-high inflation, according to a closely followed University of Michigan survey released Friday.

The preliminary index reading from the Surveys of Consumers showed sentiment fell to 54.7 from 59.9 in October. Economists were expecting sentiment levels to tick down to 59.5, according to estimates on Refinitiv.
The survey also showed that consumers’ inflation expectations for this year and five years out remained relatively unchanged, a key data point for the Federal Reserve. The median expected year-ahead inflation rate was 5.1%, up from 5% last month. Long-run expectations were at 3%, holding in the same 2.9% to 3.1% range for 15 of the past 16 months, according to the data.

The Fed is closely watching for shifts in consumer expectations to determine if inflation is becoming entrenched in the United States: If consumers believe prices will remain high, that could factor in to increased wage demands which, in turn, could cause businesses to raise prices.

On Thursday, the Labor Department’s monthly Consumer Price Index showed that inflation slowed to 7.7% in October, falling further than expected and sending stocks surging on the news.

This story is developing and will be updated.