ironSource beats analysts on Q3 revenue and profit

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 MA 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.

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